Meme Coin Frenzy Returns: The meme coin industry seems to have attracted much attention from investors during the crypto market’s recent resurgence. Three popular meme coins—Dogfight (WIF), Pepe coin (PEPE), and Floki Inu (FLOKI)—saw double-digit rises today, July 16, leading some to speculate about a possible return of all three. Concurrently, Shiba Inu (SHIB), Dogecoin (DOGE), and other cryptocurrencies also touched green, adding to the positive market attitude. We’ve compiled a quick rundown of the latest market data and explained why it suggests a meme coins season has returned.
Data Signal Derivatives Rising Meme Coin Market
At the time of this publication, the futures market data for meme coins primarily indicated that the market was in a strong upward trend. Nevertheless, three coins remain the key focus, spearheading the current surge within the sector. A few examples of these include PEPE, FLOKI, and WIF. As indicated before, the three coins garnered significant attention from investors due to their double-digit gains today. In the meantime, the data from Coinglass indicated a market uptrend for these coins, which, when combined with the price increases that have occurred today, is a positive trend.
The futures open interest (OI) of WIF increased by 32.31% to reach $312.16 million, followed by a derivatives volume increase of 166.22% to reach $2.09 billion. A 23.75% gain in PEPE’s futures open interest (OI) brought the total to $144.13 million, which was supported by a 246.95% increase in volume, bringing the total to $4.34 billion. At the same time, the open interest in futures contracts for FLOKI increased by 47.60% to $20.77 million, while the volume increased by 247.74% to $289.19 million.
Considering all of these facts, a positive picture emerged of the meme-based investments sector, highlighting the growing interest that investors have in the assets. After that, DOGE and SHIB also observed an upward trend inside their derivatives market, which was comparable to the trend observed in the coins discussed earlier.
Technicals Signal Bullishness
In the meantime, the market technicals for the Meme Coin Market discussed earlier highlighted the presence of additional bullishness. PEPE’s Relative Strength Index (RSI) was around 60, indicating substantial upward pressure. On the other hand, WIF’s RSI was at 56, while Floki’s RSI was around 57. Considering all of this, it was possible that the assets would be subject to additional buying in the future, with the coins already being in a fairly bullish momentum.
By the Relative Strength Index (RSI), CoinGape Media highlighted the enormous purchase of PEPE today, which solidified positive opinions toward the frog-themed meme coin. At the same time, WIF and FLOKI continue to be in a position to experience additional potential buying as the Relative Strength Index (RSI) moves closer to the ‘buy region.’
In the meantime, it is also important to point out that Forbes has released a list of the top ten cryptocurrencies that performed the best in the first half of 2024. The names WIF, PEPE, FLOKI, and even BONK were on this list. Considering everything, these market technicals have further strengthened the belief that a Meme Coin Frenzy Returns season rebound is inevitable.
WIF, FLOKI, PEPE Market Performance
At press time, the PEPE price rallied phenomenally by 25.93% to reach $0.00001199. Its 24-hour bottoms and peaks were $0.000009545 and $0.00001251, respectively. WIF price surged 22.32% to $2.18 today, with the 24-hour lows and highs being $1.80 and $2.26, respectively. FLOKI price saw a 19.13% increase in value to trade at $0.0001853. The token’s daily lows and tops were $0.0001555 and $0.0001973, respectively. It’s also worth noting that other meme coins like DOGE, SHIB, and BONK soared 3%-12%, further solidifying optimism on the comeback of a meme coins season.
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