- Memecoins saw a decline in overall market cap as prices declined.
- Bonk and Pepe have increased in the last 24 hours.
As a researcher with experience in analyzing cryptocurrency markets, I’ve been following the recent trends in memecoins closely. Memecoins, known for their unique and often humorous themes, have seen a decline in overall market cap as prices took a hit on June 11th. However, the last 24 hours have brought some positive news for Pepe and Bonk.
On June 11th, the market underwent a substantial drop, affecting memecoins as well. Nevertheless, within the past 24 hours, Pepe and Bonk have displayed remarkable growth, spearheading the memecoin rebound.
Bonk, Pepe breaks from memecoin trend
As a researcher studying memecoin trends, I’ve observed a noticeable decrease in the values of most memecoins listed on CoinMarketCap during the past week.
Dogecoin (DOGE), the meme coin with the biggest market value, experienced a decrease of more than 15% in the past week, and it dipped by almost 1% within the last day.
As I delved deeper into the data, it became clear that Pepe and Bonk’s performance over the past day diverged from the norm. Surprisingly, their downward trend seemed to reverse, revealing early indicators of a potential comeback.
Although there’s been a recent surge, their finances show deficits when viewed over an extended period. In the past day, Pepe experienced a notable 8% bounce-back, which stands out as the most significant recovery among the leading memecoin assets currently.
Additionally, analysis showed that Bonk had the second-highest gains in the last 24 hours.
As of now, the data shows that the recovery rate for the asset was more than 7%. Meanwhile, Bonk continued to dip with a loss greater than 10% over the past week.
How Pepe has trended in the last 24 hours
As a researcher studying the day-to-day trends of Pepe Coin, I observed an intriguing pattern on June 11th. Despite the overall market downturn, Pepe Coin managed to buck the trend and experienced a noteworthy uptick.
Based on the data from the chart, the memecoin’s value had risen by more than 5% and was priced at approximately $0.00001137 at the time of observation. Subsequently, it experienced an almost 3% increase, leading to a current trading price of around $0.0000131.
The analysis revealed that the memecoin’s backing, symbolized by its short-term moving average (signified by the yellow line), remained robust.
Recently, its price action has propelled it into a bullish phase. A review of its Relative Strength Index (RSI) showed that it had just surpassed the centerline, suggesting a mild uptrend based on current observations.
What about BONK?
As an analyst, I examined Bonk’s price action on the daily timeframe and noticed a minor uptick in the previous trading session, much like Pepe. Yet, it is during the current trading session that Bonk has experienced a substantial price surge.
At present, Bonk is experiencing a nearly 6% rise in value. According to the chart’s analysis, it seems poised to surpass its previously significant resistance level, represented by the yellow line.
Read Pepe’s [PEPE] Price Prediction 2024-2025
In spite of the substantial rise in price, Bonk continued to follow a downtrend, with this trend showing signs of weakening.
A look at Bonk’s Relative Strength Index (RSI) revealed that it was then under the threshold of the neutral level. Yet, it was inching closer to this mark, suggesting that the downtrend might be losing steam.
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2024-06-12 22:17