Home Editor's Pick Meme Mania: Memecoins Outperform Crypto Market as PEPE & FLOKI Lead the Rally

Meme Mania: Memecoins Outperform Crypto Market as PEPE & FLOKI Lead the Rally

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The memecoin mania is back in full force, with several major currencies posting double-digit gains and outperforming the rest of the cryptocurrency market. Leading the charge are PEPE and FLOKI, which have seen significant price increases and surging trading volumes.

TLDR

Memecoins like PEPE, FLOKI, DOGE, and BONK are leading the crypto rally with double-digit gains, outperforming the rest of the market.
PEPE has hit a new all-time high and jumped to the 21st spot in the top cryptocurrencies by market cap, more than doubling since the beginning of the month.
FLOKI is rapidly moving towards its all-time high, currently trading 6X higher than at the start of 2024.
Both PEPE and FLOKI have witnessed a surge in large transaction volumes and daily active addresses, reflecting strong participation from whales.
Analysts are bullish on FLOKI, citing its ecosystem growth, key product updates, and recent token burn as factors contributing to its potential price appreciation.

PEPE, the Ethereum-based token themed around the popular webcomic character, has been on a winning streak, hitting a fresh all-time high and jumping to the 21st spot in the top cryptocurrencies by market cap.

PEPE Coin Price at Coingecko

The coin has more than doubled since the beginning of the month and was the seventh-most traded cryptocurrency in the last 24 hours, surpassing meme powerhouses like Dogecoin (DOGE) and Shiba Inu (SHIB).

FLOKI, the Solana-linked coin, has also been on a tear, rapidly moving 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 its ecosystem growth, key product updates, and recent token burn as factors contributing to its potential price appreciation.

Both PEPE and FLOKI have witnessed a surge in large transaction volumes and daily active addresses over the last 24 hours, reflecting strong participation from whales.

This indicates that the memecoin rally is not just driven by retail investors but also by larger players in the market.

Other memecoins, such as DOGE and BONK, are also making significant gains, with BONK posting a 4.31% increase in the last 24 hours.

This suggests that the memecoin season may be gaining momentum, with investors seeking 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 dipped compared to bearish short positions in the last 24 hours, indicating that traders are preparing for a potential pullback.

The ongoing climb 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 seeking to capitalize on their potential for rapid growth and high returns.

The post Meme Mania: Memecoins Outperform Crypto Market as PEPE & FLOKI Lead the Rally appeared first on Blockonomi.

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