The meme coin market has expanded to become a significant niche with a market cap of over $16 billion, growing at a rate of 8.56%, despite its modest starts. The trading volume of meme coins has reached around $1.8 billion, representing a 44.95% increase.
The market cap of meme coins increased significantly throughout last week, with FLOKI and PEPE, two of the famous meme coins, seeing particularly large increases.
Pepe ($PEPE):
The price of Pepe Meme Coin is $0.000001224, which is currently ranked third in the meme market cap, and it has increased dramatically by 95% in the past week. PEPE’s trading volume has dropped significantly from its July all-time high of over 1,000% in the early going. It is currently over $481 million below that peak.
Pepe Coin was in a downtrend for past 2 months, fortunately, October was good enough to reverse the trend after struggling to break the 50 MA resistance on a daily time frame.
This week started with extreme bullishness for $PEPE as the price crossed the 50 SMA resistance and didn’t stop till it reached the 100 SMA.
Here price retreced a bit after reaching the value of $0.00000100. But again found the 100 SMA as support and again gained a 30 % jump to reach $0.00000120.
In this week $pepe has seen high trading activity with a volume to market cap ratio of 102% according to coinmarketcap.
The RSI has crossed the 70-point limit twice, and has even been at 78 for the past two days, indicating high buying pressure still exists in the market and retracement will be there but the price will eventually move up.
Looking at the current market sentiment and bullish nature of Bitcoin, if BTC holds its current value and moves upwards, $PEPE will also follow its lead and may reach the value of $0.00000150.
Launched in June, Pepe 2.0 (PEPE2.0) is a low-cap meme coin that bills itself as an upgraded version of the original PEPE. It was developed by early PEPE investors, whom the project founder allegedly blacklisted, and is based on Ethereum. It has a massive total supply of 420 quadrillion tokens.
FLOKI (FLOKI):
Floki is the currently fourth most traded meme coin, with its price increasing by 76% and reaching $0.00003169 in the last seven days. The trading volume of Floki is boosting day by day which reached over $167 million last week.
Floki started the week with a good trading session after gaining 30% in the last week, which helped it break the resistance of $0.0000240. After moving 10% upwatrds it followed almost complete retracement.
However, yesterday it gained a whopping 20% making a 80% difference between top and bottom of last seven days. The RSI of Floki has crossed 80 points showing strong buying pressure from traders even in overbrought region.
Right now its valued at $0.000031 which acted as a key support during june mayhem. If Floki continues to move upwards it can again challenge its ATH as there is no susbtencoial resistance in between.
Tech tycoon Elon Musk named his Shiba Inu dog Floki, which led to the launch of FLOKI (FLOKI) in 2021. Before becoming more of a utility project, FLOKI was merely a dog-themed coin, similar to Dogecoin and Shiba Inu. It has a total token supply of 10 trillion and operates on both the Binance Smart Chain and Ethereum.
