- Memecoin season is back with a vendetta that might actually kickstart a strong bull run.
PEPE and POPCAT have increased by over 20% in the past twenty-four hours.
As a seasoned crypto investor with a deep understanding of the market, I find yesterday’s events truly intriguing. The return of Roaring Kitty and his impact on GameStop sent shockwaves throughout the financial markets, leading to a surge in memecoins like PEPE and POPCAT.
Yesterday saw a remarkable turn of events in financial markets as the renowned meme stock investor, Roaring Kitty, made an unprecedented return with a solitary tweet that ignited a significant rally for GameStop (GME), resulting in a surge of over 100% within hours.
The performance was so powerful it had to be halted for volatility reasons.
As a crypto investor, I’ve witnessed an intriguing turn of events unfold in the market. The memecoins sector was infected with excitement and before I knew it, their values began to skyrocket. It seemed as if an entirely new breed of coins had been birthed from nowhere. Could this be the early signs of a bull run?
PEPE, POPCAT: Top gainers
As a market analyst, I’ve identified Pepe (PEPE) and Popcat (POPCAT) as the top two meme coins with remarkable gains in the last 24 hours. Specifically, PEPE and POPCAT have surged over 20% each.
What’s particularly interesting is the timing and the nature of these coins’ rise.
As an analyst, I’d observe that meme coins gain significant traction through their presence on social media platforms and the collective excitement generated by their communities. Individuals, such as Roaring Kitty, possess considerable influence in shaping this buzz, making their impact quite substantial.
An analysis of Santiment data provides insight into the Memecoin market’s recent activity. The data reveals a striking surge in trading volumes, with top meme assets experiencing a significant jump of over 34%.
Over the last 24 hours, Pepe has been involved in the greatest quantity of trading transactions. Notably, there have been substantial surges in social media buzz surrounding coins such as Shiba Inu (SHIB) and Dogecoin (DOGE), with a respective increase of 46.49% and 34.12%.
The Open Interest for PEPE, as indicated by CoinGlass data, has surged by 28.6%, reaching a total of $120.8 million. This significant rise indicates a strong conviction among traders regarding PEPE’s potential future success.
An increase in Open Interest and trading volume at an accelerated rate may be indicative of heightened speculation. Consequently, this could lead to greater market volatility, potentially resulting in significant price fluctuations.
Community sentiment and outlook
As a researcher studying the cryptocurrency market, I’ve observed that while many sectors have experienced some setbacks, meme coins within the Solana ecosystem are bucking this trend. Specifically, PEPE is currently leading the way, gaining significant attention on a global scale. With over a million tweets about it, PEPE holds the top spot on Twitter’s trending list.
According to Santiment’s data, there’s a strong positive outlook among traders and investors regarding meme coins. Approximately 60% of the community expresses optimistic views towards these assets at present.
The price data for the POPCAT/USDT pair on TradingView reveals clear trends of price increases as well as decreases.
The asset underwent a significant surge, rising from approximately $0.4850 to nearly hit $0.5250 at its highest point. However, it then experienced a retracement and subsequently bounced back.
With the market showing signs of recuperation and holding steady near the $0.5115 mark, and taking into account the overall upward trend that has emerged from the price bottoms, there exists a tentative optimistic outlook among traders.
If PEPE manages to hold above the recent support of 0.00001030 USDT on the chart, and if it successfully breaks through the resistance at 0.00001100 USDT, then I, as a crypto investor, would expect this token to keep gaining momentum and potentially reach even higher price levels.
If the resistance prevails and selling intensity grows stronger, we may witness a pullback to the support level or even beyond.
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2024-05-15 02:15