In the background of the broader crypto market’s latest restoration, the meme coin sector seems to have piqued important investor consideration. Today, July 16, Pepe coin (PEPE), Floki Inu (FLOKI), and dogwifhat (WIF) witnessed double-digit positive factors, sparking sentiments of a possible meme cash season comeback. Simultaneously, Dogecoin (DOGE), Shiba Inu (SHIB), and different cash additionally entered the inexperienced territory, additional solidifying optimistic market sentiments.
Here’s a quick report on the present market stats and why it implies {that a} meme cash season is again.
Derivatives Data Signals Market Uptrend For Meme Coins
The derivatives market information for meme coins primarily implied at a powerful market uptrend throughout press time. However, three cash stay of main focus, main as we speak’s rally inside the sector. These embrace PEPE, FLOKI, and WIF.
As talked about above, the three tokens nabbed appreciable investor consideration with their double-digit positive factors as we speak. Simultaneously, Coinglass information flagged a market uptrend for these cash when coupled with as we speak’s value positive factors.
WIF noticed a 32.31% surge in its futures OI to $312.16 million, adopted by a derivatives quantity upswing of 166.22% to $2.09 billion. PEPE skilled a 23.75% enhance in its futures OI to $144.13 million, additional accompanied by a 246.95% enhance in quantity to $4.34 billion. Simultaneously, FLOKI’s futures OI jumped 47.60% to $20.77 million, adopted by a 247.74% spike in quantity to $289.19 million.
This information collectively painted an optimistic portrait of the meme-based investments sector, underscoring elevated investor enthusiasm for the belongings. Subsequently, DOGE and SHIB additionally famous an uptrend inside their derivatives market much like the talked about cash.
Market Technicals Underscore Bullish Presence
Meanwhile, the market technicals for the abovementioned cash underscored the presence of additional bullishness.
PEPE’s RSI hovered alongside 60, underlining important upside strain, whereas WIF’s RSI rested at 56, and Floki’s RSI was round 57. This, collectively, hinted that the belongings would possibly witness additional shopping for forward, with the cash already being in a considerably bullish momentum.
Aligning with the RSI, CoinGape Media spotlighted large PEPE buying as we speak, cementing optimistic ideas on the frog-themed meme coin. Simultaneously, WIF and FLOKI additionally stay poised to witness additional potential shopping for as RSI inches nearer to the ‘buy territory.’
Meanwhile, it’s additionally value mentioning that Forbes rolled out the checklist of the highest ten cryptocurrencies with the very best efficiency within the first half of 2024. This checklist included WIF, PEPE, FLOKI, and even BONK.
Altogether, these market technicals have moreover solidified sentiments of a meme coin season comeback.
Also Read: Missed PEPE and MOG? Here’s One Meme Coin to Buy Instead
PEPE, WIF, and FLOKI Market Performance
At press time, PEPE price rallied phenomenally by 25.93% to succeed in $0.00001199. Its 24-hour bottoms and peaks have been $0.000009545 and $0.00001251, respectively.
WIF value surged 22.32% to $2.18 as we speak, with the 24-hour lows and highs being $1.80 and $2.26, respectively. FLOKI price noticed a 19.13% enhance in worth to commerce at $0.0001853. The token’s every day lows and tops have been $0.0001555 and $0.0001973, respectively.
It’s additionally value noting that different meme cash like DOGE, SHIB, and BONK soared 3%-12%, additional solidifying optimism on the comeback of a meme cash season.
Also Read: Dogwifhat Price 20% Rally Could Spark Solana Meme Coins Super Cycle
The introduced content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
