Memecoins cash in on ETF hype as PEPE, FLOKI, WIF rise: Will this last?

The memecoin sector witnessed a significant surge in price over the last few days.
Despite the surge in price, the overall sentiment around the token fell significantly.

As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely observed the recent developments in the memecoin sector. The last few days have been particularly intriguing as these tokens experienced a significant surge in price, with Pepe [PEPE], Floki [FLOKI], Dogwifhat [WIF], and others leading the charge.

The memecoin market was significantly affected by the recent market downturn, but as the markets have bounced back, many memecoin token prices have also rebounded.

Memecoins are back in fashion

Pepe, a token on the Ethereum (ETH) network, experienced a significant surge in value, resulting in a 15.97% price jump. Currently, it is being traded at a price of $0.0000112.

During this period, there was a significant increase in trading activity that aligned with a wider market pattern. The aggregate daily trading volume for cryptocurrencies nearly doubled, reaching around $1.65 billion.

The market value of Pepe significantly increased by 23%, reaching over $5 billion, making it the cryptocurrency with a rank of 22 in terms of size.

Additionally, the Relative Strength Index (RSI) significantly decreased over the past few days, indicating that the token has exited the overbought zone.

Source; Trading View

Memecoins like FLOKI, which is built on the Solana platform, witnessed a significant price increase of 12.74%, currently trading at $0.0001765.

Its market capitalization approached $1.79 billion, with a daily trading volume of $453 million.

I analyzed the data and found that Dogecoin (WIF) experienced a 14.04% price surge, reaching a value of $2.08. With a market capitalization placing it as the 44th largest cryptocurrency, its daily trading volume amounted to an impressive $632 million.

As a crypto investor, I’ve noticed that the meme coin with a dog theme is still 55% below its all-time high of $4.85, which it reached on March 31st. However, there’s a positive sign as the Chaikin Money Flow (CMF) for this coin has started to climb up. This indicates that the inflow of money into this particular coin has also been increasing.

BRETT, the meme coin launched four months ago, was still up 12%, trading at $0.1334.

In spite of the rise in prices, the general public opinion towards the tokens FLOKI, PEPE, and WIF showed a decrease based on Santiment’s data analysis by AMBCrypto.

The volume of unfavorable remarks concerning these tokens exceeded the count of favorable ones, suggesting a trend towards negativity.

The increase in popularity for many meme cryptocurrencies can be attributed to Bitcoin‘s [BTC] substantial price surge over the last few days, leading the overall crypto market trend.

In contrast to the growth observed, Bitcoin’s market dominance dipped by a modest 0.26 percentage points to 52.63%, implying an uptick in investing enthusiasm for alternative cryptocurrencies.

The value of all cryptocurrencies combined on the global market grew by 1.6%, reaching a total of $2.34 trillion. At the same time, there was a significant jump in the meme coin segment, with a nearly 13% rise over the last 24 hours.

The sector’s market cap reached $53.1 billion.

Read Pepe’s [PEPE] Price Prediction 2024-25

The significant surge in the value of meme coins is frequently attributed to Bitcoin’s impact on the larger cryptocurrency market, as its price movements can strongly influence meme coin prices.

When Bitcoin thrives, it frequently boosts investors’ trust and attraction towards altcoins, such as meme coins.

2024-07-16 20:08

Memecoins are back in fashion

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