The larger cryptocurrency market pauses ahead of the spot Ethereum ETF decision. However, the meme coin industry is still growing and has a significant upside. PEPE Coin (PEPE) and Floki Inu (FLOKI), two of the top five meme coins, have seen double-digit gains of 28% and 12%, respectively.
Why Is the PEPE Coin Rally Happening?
Over the past few weeks, PEPE, the third-largest meme coin in the world, has been seeing an unstoppable rise. The price of PEPE Coin has increased by 28% in the past day, reaching a new record high of $0.0000138, and its market capitalization has reached $6 billion.
Additionally, PEPE Coin’s daily trade volumes have increased by 90%, reaching over $4.4 billion.
A technical examination of PEPE’s daily chart suggests that its rising trend may continue in the days to come. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicate a positive attitude.
Within the last 48 hours, the MACD line made a fleeting effort to cross below the MACD Signal line, suggesting a possible negative trend. Buyers, however, blocked the crossing, which allowed the MACD line to rise above the Signal line. The MACD line has been increasingly deviating from the Signal line ever since.
Additionally, the RSI, which is now above 50, indicates that buyers are controlling the market more than sellers. Traders should exercise caution, though, as the RSI also suggests that PEPE can be overbought, necessitating close attention to this technical indicator.
However, there is still a lot of PEPE Coin whale activity. About an hour ago, a large stakeholder withdrew 592 billion $PEPE ($7.95 million) from the cryptocurrency exchange Binance, most likely during the most recent price spike that occurred over the previous two days, according to Lookonchain.
A whale withdrew 592B $PEPE ($7.95M) from #Binance 1 hour ago, most likely bought during the price increase over the past 2 days.https://t.co/zeCAtBN8fj pic.twitter.com/jxVEu4WBCq
— Lookonchain (@lookonchain) May 22, 2024
The FLOKI Inu Value Event
The FLOKI price has increased by more than 11% over the past day, trading at $0.0002332 with a $2.2 billion market capitalization. After failing to cross in March, the price of the FLOKI is approaching its all-time high. In addition, FLOKI’s daily trading volume has increased by 110% to $825.94 million.
FLOKI is confirming a bullish uptrend by trading above the 50-day and 200-day Simple Moving Averages (SMAs).
To add to the bullish feeling, the 50-day SMA has crossed above the 200-day SMA and formed a golden cross at $0.0001744.
The Relative Strength Index (RSI) has risen from the 50-midline level to 72, indicating strong buying pressure and a favorable position for buyers relative to sellers, pointing to a potential purchase opportunity.
