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Is Meme Coin Frenzy Back? Here’s What Data Signals
In the background of the broader crypto market’s recent recovery, the meme coin sector appears to have piqued significant investor attention. Today, July 16, Pepe coin (PEPE), Floki Inu (FLOKI), and dogwifhat (WIF) witnessed double-digit gains, sparking sentiments of a potential meme coins season comeback. Simultaneously, Dogecoin (DOGE), Shiba Inu (SHIB), and other coins also entered the green territory, further solidifying optimistic market sentiments.
Here’s a brief report on the current market stats and why it implies that a meme coins season is back.
Derivatives Data Signals Market Uptrend For Meme Coins
The derivatives market data for meme coins mainly implied at a strong market uptrend during press time. However, three coins remain of primary focus, leading today’s rally within the sector. These include PEPE, FLOKI, and WIF.
As mentioned above, the three tokens nabbed considerable investor attention with their double-digit gains today. Simultaneously, Coinglass data flagged a market uptrend for these coins when coupled with today’s price gains.
WIF saw a 32.31% surge in its futures OI to $312.16 million, followed by a derivatives volume upswing of 166.22% to $2.09 billion. PEPE experienced a 23.75% increase in its futures OI to $144.13 million, further accompanied by a 246.95% increase in volume to $4.34 billion. Simultaneously, FLOKI’s futures OI jumped 47.60% to $20.77 million, followed by a 247.74% spike in volume to $289.19 million.
This data collectively painted an optimistic portrait of the meme-based investments sector, underscoring increased investor enthusiasm for the assets. Subsequently, DOGE and SHIB also noted an uptrend within their derivatives market similar to the mentioned coins.
Market Technicals Underscore Bullish Presence
Meanwhile, the market technicals for the abovementioned coins underscored the presence of further bullishness.
PEPE’s RSI hovered along 60, underlining significant upside pressure, whereas WIF’s RSI rested at 56, and Floki’s RSI was around 57. This, collectively, hinted that the assets might witness further buying ahead, with the coins already being in a somewhat bullish momentum.
Aligning with the RSI, CoinGape Media spotlighted massive PEPE buying today, cementing optimistic thoughts on the frog-themed meme coin. Simultaneously, WIF and FLOKI also remain poised to witness further potential buying as RSI inches closer to the ‘buy territory.’
Meanwhile, it’s also worth mentioning that Forbes rolled out the list of the top ten cryptocurrencies with the best performance in the first half of 2024. This list included WIF, PEPE, FLOKI, and even BONK.
Altogether, these market technicals have additionally 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 reach $0.00001199. Its 24-hour bottoms and peaks were $0.000009545 and $0.00001251, respectively.
WIF price surged 22.32% to $2.18 today, with the 24-hour lows and highs being $1.80 and $2.26, respectively. FLOKI price saw a 19.13% increase in value to trade at $0.0001853. The token’s daily lows and tops were $0.0001555 and $0.0001973, respectively.
It’s also worth noting that other meme coins like DOGE, SHIB, and BONK soared 3%-12%, further solidifying optimism on the comeback of a meme coins season.
Also Read: Dogwifhat Price 20% Rally Could Spark Solana Meme Coins Super Cycle
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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