Major memecoins such as Pepe Coin (PEPE) and *SHIB* have experienced a notable decrease in their market valuation, following closely the fall of *BTC* toward the $60K mark today. As a result, the memecoin sector is undergoing a slump, with these top meme-based cryptocurrencies bracing for a potential reevaluation of their breakout levels amid an increase in adverse on-chain signals. However, as BTC price have now surged above the $70K mark, Pepe coin and Shiba Inu are facing a surge in buying interest, breaking through their previous consolidation.
Memecoins Gain Buying Confidence
The market for meme coins, which includes prominent cryptocurrencies such as Pepe Coin and Shiba Inu, is experiencing a period of recovery movement. A surge in an important on-chain metric suggests a rising bullish mood, indicating an uptick in selling activities among these well-liked meme tokens.
Recent findings from IntoTheBlock show a significant rebound in large-value transactions for Pepe Coin, with transaction volume surging from the low of $41.4 million to over $128 million. This sharp rise signals a surging interest from big investors or “whales,” which could lead to an increase in volatility and trigger buying interest.
On the other hand, Shiba Inu experienced a notable increase in whale transactions, with the values surging from a low of $44.2 million to over $141 million. This indicates a rising demand from major investors, potentially maintaining the SHIB price within a bullish spectrum for an extended period.
Numerous influential community members have been sharing posts about Shiba Inu, sparking widespread hype in the market for the meme coin. These posts have mainly focused on the impressive achievements of Shiba Inu, particularly in terms of its tokenomics, and teased an upcoming event set to create waves in the token’s ecosystem.
In a notable post by Ragnar Shib, a key figure in the Shiba Inu community, the spotlight was on the remarkable 266% increase in the total number of SHIB holders in under a year. This growth, significant amid fluctuating market conditions, showcases SHIB’s potential. Additionally, Ragnar Shib’s posts have emphasized Shiba Inu’s strong position in the crypto market, touching on the community’s effective burn mechanism and the latest developments in Shibarium.
Meanwhile, LUCIE, the marketing leader for Shiba Inu, brought attention to a special ‘easter egg’ event within Shibarium, organized by Mantra Protocol, a top marketplace on the L2. The event offers participants the opportunity to acquire NFTs for just 1 DAMN token, aiming to boost engagement not only with Mantra and DAMN but also with a wide array of NFT collections within the Shibarium ecosystem.
Such developments in the memecoin sector might boost the buying interest, creating a positive sentiment for Pepe and SHIB price.
Pepe Price Analysis
PEPE’s recent surge has hit a significant barrier at $0.0000085, where it’s anticipated that sellers will strongly oppose further gains. However, after the price recovered from the low of EMA20, bulls gained confidence to surge above Fib lines. As of writing, Pepe price trades at $0.0000082, surging over 35% in the last 24 hours.
PEPE/USDT Chart On TradingView
The 20-day Exponential Moving Average (EMA) is on an upward trend at $0.0000081, and the Relative Strength Index (RSI) is above the midpoint, signaling that the momentum might currently be in favor of the bulls. Should the buyers manage to maintain their position near this level, the probability of breaking above $0.000011 could rise. This scenario could send the PEPE/USDT trading pair to $0.000015, and potentially even to $0.000018 next.
On the flip side, a sharp decline from this point could indicate a continuation of the trading pair’s fluctuation within the $0.0000073 to $0.000009 range.
Shiba Inu Price Analysis
Shiba Inu has successfully surged above the 20-day Exponential Moving Average (EMA) of $0.000029, signaling a bullish dominance. However, the resistance at $0.00003 remained strong. As of writing, SHIB price trades at $0.0000292, surging over 5.4% from yesterday’s rate.
SHIB/USDT Chart On TradingView
Should the price stay above the 20-day EMA, this could imply the end of the correction period. Consequently, the SHIB/USDT trading pair might climb to $0.00003 before potentially advancing towards the next major resistance level at $0.000036.
However, this optimistic outlook could be negated if the price fails to hold above EMA20 and drops below the 50-day Simple Moving Average (SMA). Such a move could suggest a deeper pullback to levels of $0.000025 followed by $0.000023.
