Following a highly turbulent price action, the meme coin sector has seen a collective revival, drawing substantial investor interest across the global crypto realm. Notably, popular meme-based cryptocurrencies, including DOGE, PEPE, FLOKI, and BOME, have all experienced a considerable uptick in prices in the past 24 hours. Here’s a collective overview of why the prices are rising, which in turn has sparked immense market optimism surrounding these tokens.

Meme Stocks Revival Glimmers Hope For Meme Coins

In an unprecedented turn of events, meme stocks GameStop (GME) and AMC Entertainment Holdings Inc. have noted a phenomenal price uptick recently. GameStop (NYSE: GME) surged from a price level of $17 to as high as the $64 mark. Whereas, AMC (NYSE: AMC), another meme stock, rocketed from a price level of $3 to as high as $11.

Intriguingly, the revival of these meme stocks has ignited a bustle across Wall Street as these price rallies come in tandem with the revival of the ‘Roaring Kitty’ social media account. Although no significant hints were drawn toward these meme stocks with the account’s revival, the phenomenon’s occurrence has ignited hope for meme-based financial investments.

Currently trading at $49.84, the GME meme stock was 63.68% up today at press time. Meanwhile, trading at $9.24, the AMC stock witnessed gains worth 78.03% today.

Simultaneously, as the meme stocks revived today, the meme coin sector subsequently followed.

Dogecoin (DOGE)

Boasting one of the largest market caps within the meme coin sector, resting at $22.08 billion, Dogecoin has noted gains worth 4.19% in the past 24 hours, reaching $0.1528. This price pump primarily aligns with a strong market uptrend for the dog-themed meme token, per data by Coinglass.

DOGE’s open interest (OI) jumped 7.16% to $843.63 million today, whereas the derivatives volume skyrocketed 85.56% to $4.12 billion. This underscored a notable spike in trading activity, further accompanied by an increase in investor interest, potentially driving the token’s upward momentum.

Pepe Coin (PEPE)

Meanwhile, another prominent meme coin, PEPE, has led the meme coin market rally with an 11.15% upswing witnessed in its price in the past 24 hours. Currently resting at $0.00001066, the frog-themed meme token is experiencing significant buying pressure in the market.

Reports by CoinGape Media have revealed staggering amounts of PEPE accumulated by whales and smart money in recent days. Further, at press time, Spotonchain’s insights showed that a smart trader, 0x37d, has withdrawn a whopping 407.74 billion PEPE from Binance. It’s worth noting that this address previously traded PEPE to accumulate SHIB, noting colossal profits with Pepe coin. Collectively, this data underlined an increase in buying pressure for frog-themed meme token.

Additionally, Coinglass data illustrated a 2.31% increase in PEPE’s open interest to $118.78 million, followed by a derivatives volume upswing of 137.54% to $2.81 billion, reflecting an optimistic sentiment in the market.

Floki Inu (FLOKI)

Another dog-themed meme coin gaining 3.36% in the past 24 hours, reaching $0.0002025, rides along significant buying pressure. Notably, per SpotonChain’s insights, market maker DWF Labs was noted to have withdrawn a staggering 2 billion FLOKI from Binance today. This strategic endeavor also aligns with a bullish proposal for the Floki community in the pipeline.

A token burn proposal initiated for the permanent removal of slightly above 15 billion FLOKI appears to have driven immense market optimism surrounding the token. These factors, coupled with an OI increase of 15.73% and a derivatives volume spike of 244.72%, potentially align with FLOKI’s rising price action.

Smart traders are accumulating $PEPE and $FLOKI in the past 24 hours! Is #memecoin season returning?

1. DWF Labs (@DWFLabs) withdrew 2B $FLOKI ($394K) from #Binance 40 mins ago.
– Notably, this is their first $FLOKI activity in over a year.

2. Smart trader 0x37d withdrew… pic.twitter.com/ZSSsVuRfKI

— Spot On Chain (@spotonchain) May 14, 2024

Also Read: Bitcoin Holds The $61K Mark Despite Gloomy US PPI Data

BOME

Book of Memes (BOME), a Solana-based meme coin, has seen its price jump 2.36% in the past 24 hours and is currently resting at $0.01123. With a 98.08% upswing in its 24-hour trading volume, which is currently resting at $613.95 million, the crypto has garnered noteworthy attention amid meme coins’ revival.

BOME’s open interest spiked 6.45% to $83.93 million, followed by a derivatives volume rise of 37.61% to $738.98 million. This illustrated a market uptrend for the meme coin, potentially driving its rising price action.

Also Read: Tornado Cash Developer Gets 64 Months In Prison For $1.2B Money Laundering

The post Meme Coins: Here’s Why DOGE, PEPE, FLOKI, BOME Prices Are Rising appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am