- Amid the broader market’s recent recovery, meme coins have once again surged unprecedently, sparking market sentiments of a potential season comeback.
- The derivatives data signaled a market uptrend for meme coins, further solidifying optimism.
- Market technicals and price performances add to bullish market sentiments.
Explore the resurgence of meme coins as the broader cryptocurrency market recovers, with notable double-digit gains pointing to a potential season comeback.
Meme Coins Ignite Market Optimism with Double-Digit Gains
The meme coin sector has captured significant investor attention in the wake of the broader cryptocurrency market’s recovery. On July 16, Pepe coin (PEPE), Floki Inu (FLOKI), and Dogwifhat (WIF) notably gained double digits, igniting speculation about a potential meme coin season resurgence. Dogecoin (DOGE), Shiba Inu (SHIB), and other meme coins also registered notable gains, bolstering the positive market sentiment.
Derivatives Market Data Signal Strong Market Uptrend
In-depth analysis of derivatives market data reveals a conspicuous uptrend for meme coins. Standout coins like PEPE, FLOKI, and WIF led the rally with impressive double-digit gains. Coinglass data highlighted a substantial market uptrend for these tokens in correlation with their pricing surges today. For instance, WIF’s futures open interest (OI) surged 32.31% to reach $312.16 million, alongside a derivatives volume spike of 166.22% to $2.09 billion. PEPE followed suit with a 23.75% increase in its futures OI to $144.13 million and a volume growth of 246.95% to $4.34 billion. Similarly, FLOKI’s futures OI spiked 47.60% to $20.77 million, coupled with a volume increase of 247.74% to $289.19 million.
Market Technicals Reinforce Bullish Sentiment
Market technical indicators further support the bullish outlook for these meme coins. PEPE’s Relative Strength Index (RSI) was around 60, indicating a significant buying pressure. Similarly, WIF’s RSI stood strong at 56, and FLOKI’s at 57, both indicating potential for further buying interest. CoinOtag Media reported substantial PEPE purchasing activity today, reinforcing a bullish stance on the frog-themed meme coin. Meanwhile, strong buying potential for WIF and FLOKI was noted as their RSIs moved closer to the ‘buy territory.’
Meme Coin Performance Highlights
Analyzing today’s trading performance, PEPE exhibited an exceptional rally of 25.93% to hit $0.00001199, with its 24-hour price range fluctuating between $0.000009545 and $0.00001251. WIF experienced a 22.32% increase, reaching $2.18, showcasing 24-hour lows and highs of $1.80 and $2.26 respectively. FLOKI recorded a 19.13% growth, trading at $0.0001853, with daily lows and highs marked at $0.0001555 and $0.0001973. Additionally, other meme coins like DOGE, SHIB, and BONK saw gains ranging from 3% to 12%, further consolidating the optimistic sentiment towards a meme coin seasonal comeback.
Conclusion
The resurgence of meme coins in parallel with the broader crypto market’s recovery indicates a renewed investor enthusiasm for these assets. The positive momentum observed in the derivatives market data, coupled with strong market technical indicators, suggests that the meme coin season might be witnessing a robust comeback. Investors should keep a close watch on the market trends and technical signals to capitalize on potential opportunities.
