Markets
Meme Mania: Memecoins Outperform Crypto Market as PEPE, FLOKI Lead Rally
The memecoin craze is back in full force, with several major currencies posting double-digit gains and outperforming the rest of the cryptocurrency market. PEPE is leading the charge and FLOKI, which experienced significant price increases and increased trading volumes.
TLDR
- Memecoins like PEPE, FLOKI, DOGE, and BONK are leading the cryptocurrency rally with double-digit gains, outperforming the rest of the market.
- PEPE hit a new all-time high and jumped to 21st place in the ranking of major cryptocurrencies by market capitalization, more than doubling since the start of the month.
- FLOKI is rapidly moving towards its all-time high, currently trading 6x higher than it was at the start of 2024.
- Both PEPE and FLOKI have seen an increase in large transaction volumes and daily active addresses, reflecting strong whale participation.
- Analysts are bullish on FLOKI, citing the growth of its ecosystem, key product updates, and recent token consumption as factors contributing to its potential price appreciation.
PEPE, the Ethereum-based token centered on the popular webcomic character, has been on a winning streak, reaching a new all-time high and jumping to 21st place in the ranking of major cryptocurrencies by market capitalization.
PEPE coin price a Coingecko
The coin has more than doubled since the start of the month and was the seventh most traded cryptocurrency in the last 24 hours, surpassing meme powerhouses like Dogemoneta (DOGE) e Shiba Inu (SHIB).
FLOKI, the Solana-linked coin, is also in crisis, moving rapidly towards its all-time high of $0.0002964. At the time of writing, the coin was trading 6x higher than it was at the start of 2024.
Analysts are bullish on FLOKI, citing the growth of its ecosystem, key product updates, and recent token consumption as factors contributing to its potential price appreciation.
Both PEPE and FLOKI have seen an increase in large transaction volumes and daily active addresses over the past 24 hours, reflecting strong whale participation.
This indicates that the memecoin rally is not only driven by retail investors but also larger market players.
Other memecoins, such as DOGE and BONK, are also making significant gains, with BONK recording a 4.31% increase in the last 24 hours.
This suggests that memecoin season may be gaining momentum, with investors looking to capitalize on the hype and potential for quick profits.
Data from Coinglass shows that the number of bullish long bets for PEPE and FLOKI has decreased compared to bearish short positions over the past 24 hours, indicating that traders are preparing for a potential pullback.
The continued rise in memecoin prices highlights the strong demand for these assets, even as the hype around some of the market’s blue-chip currencies grows due to the prospect of spot ETFs.
Memecoins are likely to remain a significant part of the ecosystem for this cycle, attracting retail and institutional investors looking to capitalize on their potential for rapid growth and high returns.
