- The memecoin sector witnessed a big surge in value over the previous couple of days.
- Despite the surge in value, the general sentiment across the token fell considerably.
The memecoin sector was one of many few areas that was impacted closely by the latest market drawdown. However, as the markets have recovered, so have the costs of a number of memecoin tokens.
Memecoins are again in trend
Pepe [PEPE], an Ethereum [ETH]-based token, led the cost with a exceptional 15.97% value improve, buying and selling at $0.0000112.
This surge coincided with a broader market development, as the whole each day buying and selling quantity for cryptocurrencies doubled to roughly $1.65 billion.
Pepe’s market capitalization additionally skyrocketed by 23%, surpassing the $5 billion mark and securing its place as the 22nd largest cryptocurrency.
Further, the RSI (Relative Strength Index) fell materially in the previous couple of days, implying that the token not too long ago left the overbought territory.
Source; Trading View
Other memecoins joined the rally. Floki [FLOKI], a Solana [SOL]-based memecoin, skilled a 12.74% value surge, buying and selling at $0.0001765.
Its market capitalization approached $1.79 billion, with a each day buying and selling quantity of $453 million.
Additionally, Dogwifhat [WIF] climbed 14.04% to succeed in a value of $2.08. As the 44th largest cryptocurrency by market cap, it recorded a each day buying and selling quantity of $632 million.
The canine based-themed meme coin was nonetheless down 55% from its all-time excessive of $4.85 attained on the 31st of March. The CMF (Chaikin Money Flow) for the coin additionally rose, indicating that the cash flowing into WIF had additionally grown.
Source: Trading View
BRETT, the meme coin launched 4 months in the past, was nonetheless up 12%, buying and selling at $0.1334.
Despite the worth surge, the general social sentiment round these tokens fell. AMBCrypto’s evaluation of Santiment’s knowledge revealed that Social Sentiment round FLOKI, PEPE AND WIF had declined.
This indicated that the variety of detrimental feedback round these tokens had surpassed the constructive ones.
Source: Santiment
The basic surge in all these memecoins follows an increase in the biggest crypto asset by market cap, Bitcoin [BTC], which had risen considerably over the previous few days.
Despite this rise, Bitcoin’s market dominance barely decreased by 0.26% to 52.63%, suggesting heightened exercise in the altcoin market.
The international cryptocurrency market cap additionally witnessed a 1.6% improve, elevating to a complete of $2.34 trillion. Simultaneously, the meme coin sector noticed a notable surge, rising almost 13% in the previous 24 hours.
The sector’s market cap reached $53.1 billion.
Read Pepe’s [PEPE] Price Prediction 2024-25
The huge bounce in the meme coin market is usually linked to Bitcoin’s efficiency as a result of its affect on the broader cryptocurrency market.
When Bitcoin performs properly, it usually results in elevated investor confidence and curiosity in altcoins, together with meme cash.