Meme coins like PEPE and BONK are on an absolute tear right now, with prices spiking to dizzying heights thanks to a massive resurgence of interest and speculation.
PEPE Goes Parabolic, But Is It Overheated?
The price action we’ve seen with PEPE lately can only be described as parabolic. In just the last 6 days, PEPE has pumped a jaw-dropping 260%. Just over the last 24 hours, prices are up 40%, currently trading around $1.20.
To put things in perspective, PEPE’s trading volume over the last day now stands at a staggering $2.36 billion. For a meme coin that was a little depressed just a week ago, this kind of volume signals a frenzy of buying interest. PEPE’s market cap has correspondingly shot up 40% in the last day alone to $1.87 billion.
Fueling this vertical price move, PEPE finally broke through stubborn resistance around $0.0000017 after failing to breach this level for over 7 straight months. The breakout triggered a wave of buying fueled by FOMO. However, the RSI reading shows PEPE is heavily overbought at 86 right now after the parabolic advance. Also, the 50 and 100 SMAs sit way back around the broken resistance, meaning we could see a major pullback if the bulls lose momentum. A retracement of over 50% would not be surprising.
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Show more +BONK Tags Along For the Ride
Like its meme coin cousin PEPE, BONK has absolutely gone ballistic lately. Over just one week, BONK has ripped a whopping 120% higher. The last 24 hours alone has seen BONK tack on 13% more gains amid the buying hysteria.
Trading volumes for BONK haven’t spiked quite as much as PEPE, but are still up a respectable 13% over 24 hours to $924 million – extremely strong for a smaller cap meme coin.
Technically, BONK has been bouncing off key resistance and broke into the one at $0.0000245 yesterday, which bulls finally overwhelmed. The break has triggered a flood of buy orders. However, BONK will need to keep finding buyers to avoid a harsh pullback.
The stunning rallies in both PEPE and BONK underscore just how wildly speculative the crypto markets can be. Meme coins seem to take on lives of their own when hype builds, detaching from technicals and fundamentals. Traders should enjoy these violent rallies while they last, but be ready to take profits before the music stops.
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