Memes strike back. Memecoins have hit the gas again with BONK up to ~60%, PEPE up to ~50%, and POPCAT (the tokenized version of the OG Internet meme) up about 300% in the last seven days. Is this the first big step forward in the sector's next major rally??
Whatever happens next, the Bitcoin rebound has certainly played a role in this return, as have the CEX quotes, whether in the form of perps or spot:
- Today, PEPE perpetuals went live on Coinbase International after a delay, increasing PEPE by around 15% that day.
- Last week, April 18, POPCAT spot began trading on the MEXC exchange, which was a catalyst for its extraordinary seven-day growth.
- Thursday April 25, Wireless perpetuals will go live on Coinbase International, allowing non-US users to trade the beloved dog and his hat with leverage.
Focusing on PEPE, its technical data indicates positive dynamicswith its EMA10 (the average price of the last 10 days) about to exceed its EMA55 mark, indication of a bullish phase.
Additionally, with the Relative Strength Index at a neutral level of 51 (meaning a balanced number of bullish and bearish holders) and a weakening average Directional Index at 20, PEPE data suggests a decrease in bearish power , positioning the frog towards greener pastures.
PEPE's social analysis also shows continued growth, a critical indicator in emerging markets like crypto, where sentiment on social media largely determines price action rather than fundamentals.
Similar positive social trends can be seen in recent engagement data from WIF and POPCAT.
These trends show that while memecoins show the biggest drops when market conditions become dangerous, they also show the biggest spikes when sentiment changes.
If Bitcoin continues to hold up, we can expect risk appetites to return to the market as well, so memecoins getting hotter over the next few weeks can confirm whether the industry has regained its belly. iron !