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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.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
