Cryptocurrency market value surges 8%, reaching $2.3 trillion.
Dogecoin hits 15-month peak, trading volume soars by 179%.
Shiba Inu and Bonk memecoins see over 60% value increase.
The cryptocurrency community is elated because market optimists have returned with vigor, resulting in an 8% increase in the overall market value over the last day, reaching $2.3 trillion. The cumulative trading volume has reached $194.22 billion, indicating a sharp rise of 103.91%, and notably, Bitcoin is approaching the all-time high that it set three years ago. During this time, investors are closely monitoring the trading behavior of memecoins, which have reached new highs for the month/year and have also experienced a notable rise in trading volume.
Dogecoin (DOGE)
Dogecoin , often referred to as the leader of memecoins, has attained a peak not seen in 15 months, hitting $0.1311. Currently, DOGE is being traded at $0.1278, representing an increase of 34% in the last 24 hours. Concurrently, the trading volume has experienced a 179% boost, reaching $5 billion. Market experts indicate that should the current upward trend persist, DOGE could potentially surpass the resistance level at $0.2193. On the flip side, should the market turn bearish, the value might decline to $0.07965.
The memecoin Shiba Inu has garnered interest due to its 26% increase in value over the last 24 hours, with its price now at $0.00001353. Its trading volume has hit the $1 billion mark, showing an 80% increase. Market experts suggest that SHIB could surpass the resistance level of $0.00002146 if the current upward trend continues. The daily Relative Strength Index (RSI) is at 86, signaling that the asset is overbought.
SHIB Price Chart, Source: TradingView
Bonk (BONK)
The memecoin known as Bonk , which is built on the Solana platform, has experienced a significant increase, rising 61% in the last day. Its trading volume has escalated to $910 million, marking a 174% increase. It is valued at $0.00002215, merely 32% below its highest recorded price of $0.00003419. Should the current positive momentum persist, it might exceed that peak. The Relative Strength Index (RSI) for the day stands at 80, suggesting that the asset is overbought.
Pepe (PEPE)
Over the past week, Pepe has experienced significant growth, increasing by 174%. It achieved a peak not seen in 10 months at $0.00000362 just yesterday. Its trading value is currently $0.000003098, reflecting a 20% increase. Should the current upward trend continue, experts anticipate that PEPE could surpass the resistance threshold of $0.00000378.
PEPE Price Chart, Source: TradingView
Floki (FLOKI)
Floki , an additional memecoin among others, has experienced a rise of 16% in the last 24 hours, now priced at $0.00005739. Nonetheless, there has been an 11% decrease in trading volume within the same timeframe. Should the upward trend persist, its value could ascend to $0.000063, whereas a bearish shift could lead to a decline to under $0.000041.
FLOKI Price Chart , Source: TradingView
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
A professional reporter, an inquisitive and innovative individual who poses inquiries that others may shy away from. He is keenly interested in the metaverse, technological advancements, and NFTs.
