As a seasoned crypto investor with a keen interest in memecoins and the stock market, I’ve witnessed firsthand the impact of social media hype on asset prices. The recent surge in PEPE price, which topped $0.000011 on Binance for the first time since March 15, is an excellent example of this phenomenon.
For the first time since March 15, Pepe’s (PEPE) price surpassed the $0.000010 mark. According to CryptoMoon Markets Pro and TradingView data, PEPE experienced a significant surge of 34% over the past 24 hours, reaching a new peak of $0.00001119 on Binance.
PEPE’s trading activity has seen a significant increase by 245% in the past 24 hours, amounting to a total volume of $1.56 billion. This growth has also propelled its market capitalization upwards, reaching a valuation of $4.31 billion. As a result, PEPE now ranks as the cryptocurrency with the 23rd largest market value, surpassing Ethereum Classic (ETC).
PEPE’s performance is linked to the reactivation of “Roaring Kitty” – the handle of Keith Gill on social media platform X – which had been inactive since June 2021.
On the night of May 12th, the account shared an image: a man intently gripping a controller while leaning forward in his chair, giving off strong vibes of deep focus or intense concentration, as perceived by X and Reddit users. They took it as a sign from Gill, employing a casual term for such periods.
I found myself right in the thick of the buzzing meme stock market phenomenon in 2021, with the astounding price increases of companies like GameStop and AMC Entertainment reaching over 1,000% by year’s end.
On May 13, the PEPE price rebounded from its upward trendline, a line of support that had held firm since mid-April. More recently, this surge propelled PEPE above a significant resistance barrier, a level that previously kept the price in check since March.
Bulls must protect this region, extending from $0.00000875 to $0.000010, if they want to maintain the upward trend.
The RSI, or Relative Strength Index, showed a rising trend mirroring the price growth, indicating strong buying power among market participants when the price reached the 70 mark.
Instead of “On the other hand,” you could say “Conversely.”
Based on DEXTools’ data, the price of Solana’s GameStop meme token surged over 550% due to Roaring Kitty’s return, whereas AMC’s token experienced a price increase of approximately 1,200%. Among larger-cap memecoins, Dogecoin and Shiba Inu saw gains of around 5% and 7% respectively.
Shares of companies similar to Gill, often referred to as “meme stocks,” experienced a surge in value. For instance, GameStop (GME) saw its stock price jump by up to 44% during pre-market hours and peaked at an astounding increase of 110% upon market opening, only to be temporarily halted for trading.
As a crypto investor, I’ve noticed some exciting movements in the stock market this morning. Specifically, AMC Entertainment Holdings saw a significant increase both before and after the market opened. According to The Kobeissi Letter, an insightful trading resource, the cinema chain experienced a 12% rise in pre-market trading and peaked at a 25% increase during regular trading hours.
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2024-05-14 02:31