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Market Update: Memecoin PEPE has soared to a new all-time of $0.00001725. Other memecoins, including FLOKI, BONK, MAGA, and WIF, are also experiencing record inflows as investors bet on meme-themed cryptocurrencies. However, veteran memecoin DOGE has failed to catch any significant bids despite an across-the-board rally.
On Monday, FLOKI led the gains among the top 100 coins by market capitalization. With a unit price of $0.00002699, the dog-themed digital asset has attained a $2.6 billion valuation. A similar price action was observed from the frog-themed PEPE coin as its price surged to a new all-time high. The bullish push puts the monthly gain for the PEPE price at a staggering 149%.
The conducive Bitcoin and Ethereum price action and the recent approval of spot Ethereum ETF, are the driving factors behind the ongoing crypto rally.
With a constant influx of fresh capital, PEPE, the crypto token inspired by the Pepe frog meme, is trading at record highs. A 4.55% surge on Monday propelled its market cap above $7 billion, making it the 21st most valuable digital asset on the planet. Technical analysis further suggests that an extended rally toward the 2.618 fib retracement level of $0.00002202 is quite likely. However, the oversold conditions on RSI and MFI indicators raise some concerns.
Concurrently, the FLOKI price is also doing wonders and is on track to hit a new all-time high (ATH). On 27th May, the popular dogcoin recorded a phenomenal surge of 22%, pushing the price only 12% below its previous ATH. The next likely resistance lies at $0.00306, as shown in the chart below.
Another memecoin that is targeting record highs is the Solana-based dog-themed BONK. With a 14.70% surge on Monday, the next target seems to be the $0.00040 resistance level. A breach of this resistance could propel the price toward a retest of the all-time highs around $0.000048.
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