A surprise memecoin rally popped out on Wednesday, with the major-cap animal-themed tokens making the largest waves. The 15th ranked Shiba Inu (SHIB) stood superior over memecoin competitors with a 16.2% upswing in 24 hours, briefly putting the canine coinโs price back above the crucial $0.0000155 resistance level.
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Meanwhile, the other largest gainers today were Pepe Token (PEPE) with 11.8% gains to recover the $0.00000888 support zone, whipping up 22% gains over the past 7 days. Certainly, the big three of the meme coin department tacked on the bullish momentum after GameStop, the American video game enterprise, added Bitcoin (BTC) to their official reserves after approving an update to their investment policy.
Naturally, the bull race was joined by the top dog meme coin Dogecoin (DOGE), inking 10.9% gains today. Outside of the TOP 100 by global market cap, Solana meme coin Fartcoin (FARTCOIN) bursts out with 13% gains to reclaim a $635 million market cap, the best result for the Solana memecoin in months.
Will GameStop Momentum Hold For SHIB & PEPE?
Despite some crypto analysts painting a bright picture, Wednesdayโs 10% uptick for major meme coins is far from a dreamy renaissance. For instance, Shiba Inu (SHIB) retraced back to $0.0000146, unable to hold the $0.00000155 resistance line.
Meanwhile, crypto specialist Satori is expecting a larger pump for Pepe Token (PEPE), if the frog-themed crypto sustains above $0.00000850 support territory. With 44% of current PEPE coin holders making a profit, PEPE price movement in the upcoming days can turn out to be decisive.
Even though Pepe Token (PEPE) broke through the red-label Bollinger Band (BOLL), thereโs still a 69% gap from the all-time high, occurring on December 9, 2024, when PEPE price hit $0.00002803, according to CoinGecko. However, Wednesdayโs rally might not be sustainable due to negative metrics in network growth and large transactions, IntoTheBlock real-time data shows.
On The Flipside
- Due to high price correlation with Bitcoin (BTC), all three aforementioned meme coins retraced heavily after the flagship asset slumped back to $86,000 on Wednesday afternoon.
Why This Matters
Meme coins have accelerated several bull rallies for the general markets over the past years, particularly in 2024. Despite growing popularity, the meme coin sector remains one of the most volatile in the crypto sphere.
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