Meme Coins FLOKI and PEPE See Strong Rally, What’s Driving Them?

Whereas the broader cryptocurrency market takes a pause forward of the spot Ethereum ETF choice, the meme coin sector continues to push forward with a robust upside. Among the many prime fives meme cash, PEPE Coin (PEPE) and Floki Inu (FLOKI) have registered double-digit beneficial properties of 28% and 12% respectively.

What’s Behind the PEPE Coin Rally?

The world’s third-largest meme coin – PEPE – has been on an unstoppable rally over the previous weeks. Within the final 24 hours, the PEPE Coin worth has surged by an extra 28% hitting a brand new all-time excessive at $0.0000138 and its market cap hovering all the best way to $6 billion.

Additionally, the every day buying and selling volumes for PEPE Coin have surged by 90% all the best way over $4.4 billion.

Technical evaluation of PEPE’s daily chart signifies a possible continuation of its upward motion within the coming days. Each the Transferring Common Convergence Divergence (MACD) and the Relative Energy Index (RSI) are signaling bullish sentiment.

Over the previous 48 hours, there was a short try for the MACD line to cross under the MACD Sign line, indicating a possible bearish pattern. Nevertheless, consumers intervened, stopping the crossover and inflicting the MACD line to rebound above the Sign line. Since then, the MACD line has been diverging farther from the Sign line.

Moreover, the RSI, at present above 50, means that consumers are exerting extra affect than sellers available in the market. Nevertheless, merchants ought to be cautious because the RSI additionally signifies that PEPE could also be overbought, warranting cautious monitoring of this technical indicator.

However, the PEPE Coin whale activity stays robust. A person with a big holding withdrew 592 billion $PEPE ($7.95 million) from crypto trade Binance roughly one hour in the past, possible acquired in the course of the current worth surge over the previous two days, as reported by Lookonchain.

A whale withdrew 592B $PEPE ($7.95M) from #Binance 1 hour in the past, most certainly purchased in the course of the worth enhance over the previous 2 days.https://t.co/zeCAtBN8fj pic.twitter.com/jxVEu4WBCq

— Lookonchain (@lookonchain) May 22, 2024

The FLOKI Inu Value Rally

Within the final 24 hours, the FLOKI price has rallied by over 11% buying and selling at $0.0002332 with a market cap of $2.2 billion. The FLOKI worth is on its approach to problem its all-time high ranges after it did not cross the final time in March. Furthermore, the every day buying and selling quantity for FLOKI has additionally surged by 110% to $825.94 million.

FLOKI is at present buying and selling above each the 50-day and 200-day Easy Transferring Averages (SMAs), affirming a bullish uptrend.

Moreover, the 50-day SMA has crossed above the 200-day SMA, forming a golden cross round $0.0001744, which additional reinforces the bullish sentiment.

The Relative Energy Index (RSI) has surged from the 50-midline degree to 72, signaling vital shopping for strain and indicating an advantageous place for consumers over sellers, suggesting a shopping for alternative.