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The surge in the meme coin market has brought its total market cap to $56 billion. Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are showing strong bullish prices with increased whale activity.
Technical analysts hint that DOGE is experiencing a falling wedge breakout, as PEPE also sees increased transactions valued at $100,000 or more.
Meme coins market cap has surged by 19%
The cumulative market cap of the meme coin market has been in the green after gaining around 19% in one day. The meme market capitalization stands at a massive $56 billion as of today. The top gainers in the 24-hour timeframe include Dogecoin, Shiba Inu, Pepe, and dogwifhat (WIF) among other meme coins, as per CoinGecko data.
At the time of writing, DOGE has gained 8% in 24 hours while SHIB is inching towards 16% gains. Pepe has also added 16% to its value while DOG on Runes has gained a massive 23%. In the meme coin category, there are various double-digit and even triple-digital performers. BitMEX founder Arthur Hayes is predicting a meme coin breakout season. And the potential has also led him to accumulate PEPE. Meanwhile, analysts underline that DOGE and PEPE have entered a bullish leg.
Technical crypto analyst Captain Faibik notes that Dogecoin has completed a falling wedge pattern as the price forms lower highs and lower lows within converging trend lines. The bullish technical pattern often signals a potential upward breakout due to reversal.
$DOGE is getting Ready for Another Bullish leg.. 📈
A successful breakout could send it to $0.20 #Crypto #DOGE #Dogecoin pic.twitter.com/ahFxRt2r6j
— Captain Faibik 🐺 (@CryptoFaibik) September 23, 2024
DOGE and PEPE reveal bullish indicators
The post predicts that this breakout could take Dogecoin’s price to $0.20. At press time, DOGE has a 24-hour price range of $0.1334 and $0.1236 on CoinGecko. PEPE could be following a similar trajectory. The Relative Strength Index (RSI) indicated in the 1-day chart of PEPE/USD reveals the meme coin is moving in the overbought zone. RSI above 70 often indicates impending profit-taking. However, the price uptrend at the time of writing does not show a reversal. This means that buying could continue with a potential price rise.
Amid the meme coin explosion, meme whales have been active in the market. Santiment charts as cited by analyst Ali Martinez revealed that Dogecoin whales accumulated 1.40 billion tokens worth close to $140 million in just 2 days. In the last 24 hours, IntoTheBlock data shows that there were 417 large PEPE transactions valued at $100,000 or more. The highest number of large transactions within the last 7 days peaked at 417 on September 26.
Nermeen Nabil Khear