While the rest of the crypto market holds its breath for the Ethereum ETF decision, meme coins are having a party. PEPE Coin (PEPE) and Floki Inu (FLOKI) are leading the charge, with double-digit gains and surging technical indicators fueling the frenzy.
PEPE on a Rampage: New Highs and Whale Activity
PEPE, the world’s third-largest meme coin, has been on a tear. The past weeks have seen an unstoppable rally, culminating in a staggering 28% surge in the last 24 hours. This propelled PEPE to a brand new all-time high of $0.0000138 and a market cap exceeding $6 billion. Trading volume has mirrored the price action, skyrocketing by 90% to a whopping $4.4 billion.
Technically, PEPE’s daily chart suggests the party might not be over. Both the MACD and RSI indicators are flashing bullish signals. A recent attempt by the MACD to dip below its signal line was met by strong buying pressure, pushing it back above and hinting at continued momentum. Similarly, the RSI sits comfortably above 50, indicating buyer dominance. However, a word of caution: the RSI also suggests PEPE might be entering overbought territory, so close monitoring is crucial.
Adding fuel to the fire, whale activity remains high. According to Lookonchain, a significant PEPE holder withdrew a massive 592 billion $PEPE (roughly $7.95 million) from Binance just an hour ago. This likely represents profits skimmed off the recent price surge.
FLOKI Inu Howls Along: Golden Cross Paves the Way
FLOKI isn’t missing out on the fun. The past day saw its price climb over 11%, currently trading at $0.0002332 with a market cap of $2.2 billion. FLOKI is poised to challenge its all-time high, a feat it narrowly missed in March. Daily trading volume reflects the enthusiasm, surging by a staggering 110% to $825.94 million.
Technically, FLOKI is painting a bullish picture. Trading above both its 50-day and 200-day Simple Moving Averages (SMAs) confirms the uptrend. Moreover, a recent golden cross (50-day SMA crossing above the 200-day SMA) adds further weight to the bullish sentiment.
The RSI for FLOKI also paints a favorable picture for buyers. Its ascension from the 50-midline level to 72 signifies strong buying pressure, potentially indicating a buying opportunity.
With meme coins defying the market lull, PEPE and FLOKI are leading the charge. Whether this rally has legs or is a fleeting pump remains to be seen. However, one thing is certain: the meme coin space is far from over.
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