Analyses by crypto experts have highlighted movements in the meme coin sector, notably PEPE and BONK, signaling a possible resurgence in this volatile market niche.
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PEPE Coin’s Market Rally
Jacob Crypto Bury provided an insightful update on PEPE coin’s performance in a YouTube video, noting a 10% increase in its market cap, which now hovers around $2.96 billion. This surge comes after PEPE was listed on Coinbase’s Perpetual Futures Contract, boosting trading volumes significantly and attracting large-scale whale purchases. “PEPE is absolutely strong over the last 24 hours… great looking pump here for Pepe, way over 10% now,” Bury reported.
The introduction of PEPE to the futures market appears to correlate with its ascending trajectory. Moreover, the coin broke out of a descending trading channel, suggesting a bullish trend could be setting in. “Looking at PEPE coin from a charting point of view we can see at the moment PEPE has been trading in this descending channel but recently made a decent breakout,” Bury explained.
Comparing BONK’s Bullish Breakout
Parallel to PEPE, BONK coin also demonstrated significant market movements. Cilinix Crypto’s analysis showed BONK emerging from a bearish structure, initiating a bullish pattern. The successful prediction of this pattern allowed traders to secure profits early, thereby mitigating risks for subsequent trades.
Cilinix stressed the dependency of BONK’s future performance on Bitcoin’s market momentum. “The only way we can do that (reach higher price levels) is if Bitcoin continues this bullish momentum,” he pointed out, suggesting a direct correlation between the fortunes of Bitcoin and BONK.
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Show more +Broader Implications for Meme Coins
Both coins are part of a broader meme coin surge, which includes others like Dogwifhat. This revival is evident from their shared patterns of trading and market interest spikes. At press time, WIF trades at $2.96, an uptick of 6.17% in the last day.
Significantly, as previously reported by Captain Altcoin, both BONK and PEPE are navigating pivotal points in the memecoin market. According to Stoic’s technical analysis, BONK’s success hinges on its ability to sustain a break above its current resistance. For PEPE, completing the cup and handle pattern could pave the way for a bullish future.
This trend underscores a rejuvenated interest in meme coins, driven by both community engagement and strategic futures trading. Hence, both PEPE and BONK are positioned at crucial junctures, possibly heralding a new phase of growth within the broader crypto market, contingent on sustained bullish momentum from Bitcoin.
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