Pepe Coin PEPE Takes Lead in Memecoin Rally Achieving DoubleDigit Gains
Pepe coin (PEPE) has experienced a significant surge in price, with a 12.6% increase over the past week and a 10% rise in the last 24 hours. The open interest in Pepe has also risen by 14% across various exchanges, with 65.82% of traders opting for long positions on the coin. In addition to Pepe, other memecoins like Popcat (POPCAT) and Mog Coin (MOG) have also seen double-digit growth in the past day.
Notably, Dogwifhat (WIF) saw a remarkable 25% surge after hitting a multi-month low earlier in the week. This surge in the memecoin market comes at a time when the broader cryptocurrency market is experiencing a downturn, particularly with Bitcoin struggling to gain bullish momentum.
The recent rally of memecoins stands in contrast to the overall bearish trends in the cryptocurrency market, showcasing substantial gains within the last 24 hours. This surge is occurring during a period when major cryptocurrencies like Bitcoin are finding it challenging to maintain momentum, with Bitcoin recently reaching a monthly low of $58,554 on June 24.
Leading the surge is Pepe coin (PEPE), which has experienced a remarkable 12.6% price increase over the past week and a 10% jump in the last 24 hours. The current trading price for PEPE is approximately $0.00001189. This upward movement breaks a period of lateral trading for the meme-inspired cryptocurrency.
Pepe’s resurgence is supported by several bullish indicators. The coin’s open interest (OI) has increased by 14% across exchanges in the last 24 hours, indicating growing investor engagement. The Long/Short ratio for PEPE has risen to 1.93, with 65.82% of traders taking long positions, signifying a predominantly bullish sentiment among investors.
Technical analysis of PEPE’s price action reveals promising signs. The coin has crossed above its 50-day simple moving average (SMA), typically considered a bullish signal. PEPE’s 24-hour trading volume has surged by 105%, suggesting a significant uptick in investor interest. The relative strength index (RSI) for PEPE is currently at 48 and rising, having crossed above its moving average on the daily timeframe, potentially setting up for further upside movement.
In addition to Pepe, several other meme-inspired cryptocurrencies have experienced significant gains over the past 24 hours. Popcat (POPCAT), based on Solana, recorded an impressive 50% surge, while Mog Coin (MOG) saw a 39% price increase. Dogwifhat (WIF), another memecoin, also joined the rally, surging over 25% on June 25 and recovering the majority of its recent losses.
Other notable performers include Floki (FLOKI) with an 11% growth and Bonk (BONK) with a 16% surge. Even more established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw positive movement, albeit to a lesser extent. DOGE achieved a 2.4% price increase, while SHIB recorded a modest 0.15% gain.
