Author: David C, Bankless; Translated by: Deng Tong, Jinse Finance
Memecoins are breaking out again, with BONK up ~60% in the past 7 days, PEPE up ~50%, and POPCAT (the tokenized version of an OG internet meme) up ~300%. Is this the first big catalyst for the sector’s next major rally?
Whatever happens next, Bitcoin’s rally certainly played a role in this return, as did CEX listings, both in perpetual and spot form:
Today, PEPE perpetual contracts went live on Coinbase International after a delay, and PEPE rose by about 15%.
Last week, on April 18, POPCAT spot trading started on the MEXC exchange, which was the catalyst for its 7-day consecutive growth.
On Thursday, April 25, the WIF perpetual contract will go live on Coinbase International, allowing non-U.S. users to trade the beloved dog and his hat with leverage.
Focusing on PEPE, its technical picture shows positive momentum, with its EMA10 (average price of the past 10 days) targeting a break above the EMA55 mark, which suggests a bullish phase.
Furthermore, with the Relative Strength Index at a neutral 51 (meaning the number of bullish and bearish holders is balanced) and the Average Directional Index at a weak 20, PEPE’s data suggests that bearish forces are waning, which lays a good foundation for PEPE’s development.
PEPE’s social analysis also shows continued growth, a key metric in emerging markets such as cryptocurrencies, where sentiment on social media largely drives price action rather than fundamentals.
Similar positive social trends can be seen in recent participation data from WIF and POPCAT.
These trends show that while memecoins show their biggest drops when market conditions become dicey, they also show their biggest surges when investor sentiment shifts.
If Bitcoin continues to hold strong, we can expect risk appetite in the market to revive as well, so memecoins becoming increasingly hot in the coming weeks could confirm whether the sector is back on the upswing again!
