While the broader market has slumped, memecoins like PEPE and Floki are performing well, with the overall market cap increasing by 6.5%.
Bitcoin and other major cryptocurrencies faced heavy losses on Monday, with Bitcoin teetering around $60,000.
DogWifHat has an 18.9% daily gain, BONK has a 17% daily gain, and PEPE has a 13% daily gain, making these three the top performers.
Charts for DogWifHat, BONK, and PEPE indicate possible bullish continuations.
Investors should note that the upswing might be temporary, and proper risk management should be employed.
This week, we started with a Bloodbath on Bitcoin and the broader crypto market.
However, one sector is bucking the trend and is now outperforming Bitcoin, Ethereum, and the rest of the market combined.
This sector is the memecoin market.
The memecoin market metrics
The snapshot above shows that the memecoin market's capitalization has recovered by around 6.5% to around $47 million over the last day, with a 50% spike in trading volume to a staggering $5.2 billion.
Moreover, memecoins like PEPE and Floki are dominating the memecoin scene with more than 10%—and even as high as 20%—price increases in the last 24 hours before writing.
What might be going on with the memecoins?
Is this a part of a more significant comeback?
On Monday, the crypto market's losses saw several top cryptocurrencies begin to bleed profusely.
We had severe crashes on cryptocurrencies like Solana, BNB, XRP, and even Toncoin, which has been one of the biggest gainers in the last two weeks.
At the time of writing, Bitcoin is attempting to keep its standing above the $60,000 zone with a current price of around $60,640. If the bulls are unable to prevent the cryptocurrency from going further down, it could crash toward the $55,000 zone.
Bitcoin’s current price
But what does this say about the memecoin Market?
Here are some of the top performers on the memecoin market, along with highlights of their strengths and weaknesses.
Among the top 10 memecoins on the market, DogWifHat is by far the top gainer, with an ongoing price increase of around 18.9% on the daily timeframe.
On the weekly timeframe, however, the cryptocurrency still needs to correct a decline of around 10%, making it the daily leader in the memecoin market but one of the furthest behind on the weekly.
DogWifHat in the charts
According to the chart above, WIF currently trades in a narrow ascending triangle and needs to break above the $1.957 resistance to prevent a further decline below the base of the triangle.
A close second is BONK, with a 17% price increase over the last 24 hours. However, unlike WIF, which has experienced a 10% weekly decline, BONK has increased by around 6% in the previous 7 days.
This puts a sense of stability on the price of the cryptocurrency, which is echoed by the chart below:
BONK in the charts
The cryptocurrency appears to have rebounded off the $0.00001802 lows and is now attempting to finalize a rebound.
All roads lead to the top for BONK, and as long as we don’t see a break below $0.00001802 again, BONK should remain sufficiently bullish enough to keep going.
PEPE is not as bullish as the other two on the daily timeframe, with only 13% in the bag. However, on the weekly basis, PEPE steals the show with a 9% price increase over the last day.
PEPE’s price action
Just like the others with obvious stability in terms of price, we have a nice ascending trendline on the cryptocurrency.
This indicates that PEPE is bullish overall and should be poised to continue upwards from here.
So far, the memecoin market has done an excellent job of bucking the trend compared to the rest, which is a lot, considering the gloomy start to the week for Bitcoin and the others.The memecoin market has done a good job so far of bucking the trend against the rest of the market.
Investors should remember that while this bullish market trend is good news and the memecoins highlighted above show remarkable stability compared to the others, things might only be temporary.
DYOR and never open positions without proper risk management.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.