The cryptocurrency market saw a 4 percent drop in the last 24 hours, settling at approximately $2.48 trillion at the time of this report. This decline coincided with Bitcoin (BTC) encountering significant bearish pressure due to a death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential on the 12-hour time frame.
Amidst this market turbulence, traders are turning their attention to meme coins, overshadowing utility-based altcoins. The meme coin sector has witnessed explosive growth, boasting a market cap exceeding $54 billion and an average daily traded volume of around $6.2 billion.
Ethereum-based meme coin Pepe (PEPE) has consistently stood out, experiencing a remarkable surge of over 53 percent in the past seven days. Currently trading at around $0.00000726 during the mid-London session on Thursday, Pepe’s rise can be partly attributed to the recent listing of Pepe perpetual futures 1000PEPE-PERP on the Coinbase International Exchange and Coinbase Advanced.
Renowned crypto analyst Captain Faibik foresees a promising future for Pepe, suggesting that the coin is on track to achieve a new all-time high against the US dollar. Faibik highlights Pepe’s breakout from a bullish flag following a six-week correction phase, indicating a potential upward trend.
Despite this optimism, Pepe’s price trajectory hinges on its ability to consistently surpass the current support level on the weekly chart. Maintaining this momentum is crucial for the coin’s bullish outlook in the near term.
Anticipated improvements in liquidity across most meme coins signal a promising outlook for the market in the coming months. The dominance of dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) in previous bull cycles has paved the way for a new wave of meme coins, capturing investors’ attention.
Furthermore, the integration of meme coins into various blockchains and web3 projects serves as a catalyst for adoption and increased on-chain activity.
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