Memecoins
Is the meme frenzy back? Here’s what the data says
Amid the recent rally in the broader cryptocurrency market, the meme coin sector appears to have garnered significant investor attention. Today, July 16, Pepe coin (PEPE), Floki Inu (FLOKI), and dogwifhat (WIF) posted double-digit gains, sparking sentiment that meme coin season is potentially returning. Simultaneously, Dogecoin (DOGE), Shiba Inu (SHIB), and other coins have also entered green territory, further bolstering bullish market sentiments.
Here’s a quick report on current market statistics and why it implies that meme coin season is back.
Derivatives data indicates upward trend in meme coin market
Derivatives market data for Meme parts Analysts have mostly been talking about a strong bullish trend in the market at the time of publication. However, three cryptocurrencies remain in focus, leading today’s rally within the sector. These include PEPE, FLOKI, and WIF.
As mentioned above, all three tokens have attracted considerable attention from investors with their double-digit gains today. Simultaneously, data from Coinglass has signaled an upward market trend for these coins when coupled with today’s price gains.
WIF saw a 32.31% increase in its futures OI to $312.16 million, followed by a 166.22% increase in derivatives volume to $2.09 billion. PEPE saw a 23.75% increase in its futures OI to $144.13 million, accompanied by a 246.95% increase in volume to $4.34 billion. Simultaneously, FLOKI’s futures OI surged 47.60% to $20.77 million, followed by a 247.74% increase in volume to $289.19 million.
This data painted a bullish picture of the meme-based investment sector, highlighting the increased enthusiasm of investors for these assets. Subsequently, DOGE and SHIB also noted an upward trend in their derivatives market similar to that of the mentioned cryptocurrencies.
Market technicals highlight bullish presence
At the same time, technical market data for the above-mentioned coins highlighted the presence of a new bullish trend.
PEPE RSI
hovered around 60, highlighting significant upward pressure, while WIF’s RSI was at 56 and Floki’s RSI was around 57. This, collectively, suggested that the assets could see further buying in the future, with the coins already in somewhat bullish momentum.
Aligning with the RSI, CoinGape Media highlighted Purchase of PEPE today, solidifying bullish thoughts on the frog-themed meme coin. Simultaneously, WIF and FLOKI also remain poised to witness further potential buying as the RSI approaches “buy territory.”
At the same time, it is also worth mentioning that Forbes has unveiled the list of the top ten cryptocurrencies that have recorded the best performances in the first half of 2024. This list included WIF, PEPE, FLOKI and even BONK.
Overall, these market technicals also reinforced the sentiment of a return of meme coin season.
Read also : Missed PEPE and MOG? Here’s a coin to buy instead
PEPE, WIF and FLOKI market performance
At the time of going to press, PEPE Award The stock’s share price saw a phenomenal 25.93% surge to $0.00001199. Its 24-hour lows and highs were $0.000009545 and $0.00001251, respectively.
WIF price jumped 22.32% to $2.18 today, with 24-hour lows and highs of $1.80 and $2.26, respectively. FLOKI Prize saw its value increase by 19.13% to trade at $0.0001853. The token’s daily lows and highs were $0.0001555 and $0.0001973, respectively.
It is also worth noting that other meme coins like DOGE, SHIB, and BONK have climbed between 3% and 12%, further fueling optimism that a meme coin season is returning.
Read also : Dogwifhat Price 20% Surge Could Trigger Solana Meme Coin Super Cycle