Amidst a recent surge in the cryptocurrency market, meme coins have emerged as some of the best performers among the top 100 digital assets by market capitalization.
Leading the pack is Pepe coin (PEPE), which has recently hit a new all-time high (ATH), drawing the attention of both retail investors and seasoned traders known as “smart money.”
TLDR
- Pepe coin (PEPE) has hit a new all-time high (ATH) amid a recent surge in the crypto market.
- Smart money addresses have been actively trading PEPE, with 250.5 billion PEPE moved in the past 24 hours.
- Technical indicators suggest a potential continuation of PEPE’s upward trend, although a correction may be possible due to overbought conditions.
- Meme coins such as PEPE, Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK) are among the best performers in the top 100 cryptocurrencies by market capitalization.
- The crypto market as a whole has seen modest growth, with Bitcoin (BTC) rising by 2.7% and altcoin segments like AI and cat-themed coins showing notable gains.
On-chain data reveals that smart money addresses have been actively trading PEPE, with a staggering 250.5 billion PEPE tokens moved in the past 24 hours.
This increased activity has been accompanied by a significant price rally, with PEPE surging nearly 20% at press time. The token’s 24-hour trading volume has also skyrocketed by 280.38% to $2.11 billion, further indicating strong bullish sentiment.
Technical indicators suggest that PEPE’s upward momentum may continue, as the price remains above key support levels such as the 100-day Simple Moving Average (SMA) and the trendline.
The Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Alligator indicators all point towards a potentially sustained uptrend.
Some analysts caution that a correction may be on the horizon, as the RSI currently hovers around 70, signaling overbought conditions.
PEPE is not the only meme coin enjoying success in the current market environment. Other notable performers include Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK), all of which have demonstrated significant growth over the past 24 hours.
SHIB, in particular, has seen a 7.4% increase, while FLOKI and BONK have gained 9.8% and 6.7%, respectively. Even Dogecoin (DOGE), the largest meme coin by market cap and the only “dog coin” in the top 10 cryptocurrencies, has experienced a 5.6% surge, pushing its capitalization above $21 billion.
The success of meme coins comes amid a broader recovery in the crypto market, with Bitcoin (BTC) rising by 2.7% and the overall market adding 1.7% overnight.
Altcoin segments associated with meme coins, such as cat-themed and dog-themed tokens, have also shown impressive growth rates, with cat-themed coins adding 14.5% in the past 24 hours.
