In a recent development that has caught the attention of meme cryptocurrency enthusiasts, this particular type of digital currency has experienced a significant recovery in recent days, with explosive price increases. As a result, the memecoin sector has demonstrated impressive growth in the second quarter, surpassing other markets, according to a survey shared by the Santiment platform on May 15.
According to analysts from the platform, the PEPE cryptocurrency has been the biggest beneficiary of the bullish rally in memecoins in recent months, experiencing a 100% appreciation. Additionally, Ponke (PONKE), MAGA (TRUMP), Turbo (TURBO), and BITCOIN have also benefited from the market’s growth.
“The memecoin sector has outperformed all other sectors in the crypto market in the second quarter. Assets such as $PEPE (+100%), $PONKE (+96%), $MAGA (+80%), $TURBO (+78%), and $BITCOIN (+76%) have been the main beneficiaries. Last week, meme assets saw a 136% increase in volume,” highlighted the analysts.
Currently, the market capitalization of memecoins stands at $57,258,455,026, marking a 9.4% increase in the last 24 hours. TRUMP and BRETT cryptocurrencies have surged more than 30% within the past day, while Jeo Boden (BODEN) has risen by 76.9% and the Doland Tremp token (TREMP) has increased by 65.7%.
It’s important to note that meme cryptocurrencies experienced notable increases this week following posts by retail trader Keith Gill, known for the GameStop short squeeze in 2021. Gill’s posts, made after nearly three years of silence, have reignited the meme market and led to recent token surges.
Gill gained significant attention after turning $58,000 into approximately $50 million between 2019 and 2021 by investing in GameStop (GME). His recent actions on his @TheRoaringKitty account on X have been linked to the upward movement of the memecoin market by renowned cryptocurrency analyst Ali Martinez. However, Martinez also highlighted that the PEPE coin may indicate a price drop.
“@TheRoaringKitty’s return to Bitcoin has the crypto community excited about memecoins! While some altcoins may thrive, others may not. $PEPE, in particular, seems poised for a pullback. The TD Sequential indicator shows two sell signals on the 3-day PEPE chart: an aggressive 13 and a green nine candle. Furthermore, there is a bearish divergence between the price action and the RSI,” wrote Martinez.
As of now, the PEPE price is quoted at US$0.00001033, reflecting a 4.5% decrease in the last 24 hours.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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