PEPE is trending again after a 14% surge in the last 24 hours. Other meme coins like Hoppy, Windoge 98, and Cog Inu are also seeing a boost today. Recently, the crypto market experienced a crash, causing all cryptocurrencies, including meme coins, to drop to their lowest levels of the month.
Meme coins, in particular, faced increased selling pressure as traders tried to capitalize on the situation, leading to even steeper declines. However, today’s market is showing signs of recovery, with meme coins like PEPE and WIF rebounding after struggling in the downturn.
PEPE’s Recent Performance: Recovery Potential Amidst Market Volatility
PEPE faced a significant setback after reaching an all-time high of $0.00001718. May was a particularly strong month for PEPE holders, marked by continuous new highs. However, as June began, PEPE’s price entered a downtrend, with only a brief recovery at the end of the month. The decline continued with the broader market crash, but PEPE has recently surged 14% in the last 24 hours, currently trading at $0.000009081. Despite this bounce, the price is still over 47% below its all-time high.
Technical indicators suggest that PEPE remains in a selling zone, with active short sellers. For a sustained recovery, PEPE’s price needs to surpass the pivot level of $0.00001245. If successful, it could potentially reach the resistance level at $0.00001478. Conversely, if PEPE fails to gain momentum, it might drop further to $0.00000869.
Meme Coins Lead Market Recovery: WIF and Others Surge
After hitting a low of $1.5 on June 5, WIF is leading the recovery among meme coins with a notable 26% surge in the last 24 hours. Despite struggling in the market for an extended period, similar to PEPE, WIF is now among the first to rebound, offering hope to investors looking to recover their losses. At its peak, WIF (also known as dogwifhat) surged to $4.8 but has been on a downtrend since the end of May.
The positive trend extends to other meme coins as well, with the category’s market capitalization rising by 13%. Although trading volume has decreased by 21% from the previous day, the performance of meme coins remains strong. Notable gainers today include Hoppy (HOPPY) with a 48% increase, Windoge 98 (EXE) up by 34%, and Cog Inu (COQ) rising 34.7%.
Dog-themed meme coins are also showing significant gains. Dogecoin is trading at $0.109, marking an 11% increase. Shiba Inu has risen to $0.00001562, up 15%, while BONK is at $0.00002252 after a 14.46% surge. FLOKI is trading at $0.0001427, reflecting an 8% increase, among other notable performers.
Market Recovers Slightly After Recent Drop
The crypto market experienced a significant decline, losing around $260 billion in market capitalization over the past two days. However, today has seen a 5% gain, bringing some cryptocurrencies like PEPE, WIF, and BONK out of the bear trap.
Despite this, the fear and greed index remains at 37, indicating investor hesitation and a prevailing sense of fear. The coming days will be crucial in determining whether the market will continue to recover or face further declines.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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