Top 3 Memecoin Performers as Bitcoin Breaks $65K

NAIROBI (CoinChapter.com) — Bitcoin hit $66,000 on July 17 as sustained bidding helped bulls cement four-week highs. Shaking off sell-side pressure resulting from the movement of coins tied to defunct exchange Mt. Gox, BTC/USD rebounded to deliver up to 15% gains when measured from the start of the uptrend on July 12.

Bitcoin surged past $66,000, marking a 15% gain over the past week. This recovery lifted Bitcoin’s market cap to $1.251 trillion. Amid this rise, memecoins like Dogecoin, Shiba Inu, and Pepe also recorded gains.

Dogecoin Price Records Increased Price Volatility

Dogecoin (DOGE) has shown positive price action, recording a 21.19% increase over five days. Over the past week, DOGE jumped 13.04%, bringing its year-to-date (YTD) return to 36.19%. Currently priced at $0.1258, Dogecoin’s market cap stands at $18.25 billion.

The EMA 50/200-day chart shows a Death Cross in the 1D time frame, suggesting potential bearish trends. However, the MACD indicates rising momentum, hinting at a possible bullish reversal.

If DOGE breaks above the resistance level of $0.12730, it may test the upper level of $0.155. Conversely, a bearish momentum could see it dip to $0.101.

Shiba Inu (SHIB) Price Action Mirrors Dogecoin

Shiba Inu (SHIB), recorded a 9.01% increase in the past day, with a trading volume of $706.003 million. Over the past week, SHIB surged 18.92%, demonstrating strong market performance. As of the July 17, SHIB is priced at $0.00001935, with a market cap of $11.38 billion.

SHIB’s technical indicators, including SMA and MACD, show trends similar to DOGE. This suggests heightened price volatility.

Should bullish trends continue, SHIB might reach the resistance level of $0.00002350. However, if bearish trends prevail, it could fall to $0.00001175.

Pepe Coin (PEPE) Surges 30% Amid Market Volatility

As of July 17, Pepe Coin has experienced a strong surge, rising over 6% during European trading hours to $0.00001198. With a market cap of $5 billion, PEPE ranks 22nd among cryptocurrencies. Despite a 5% decrease in trading volume to $1.7 billion, the coin shows robust market activity.

PEPE’s recent trading pattern indicates an ascending trend, with significant buying pressure. Over the past week, PEPE climbed from $0.0000092 to $0.00001198, a 30.1% increase. The coin’s open interest rose by 2% to $138 million, contrasting with a 12% drop in trading volume to $3 billion.

The RSI at 58.51 suggests a balanced market, indicating neither overbought nor oversold conditions. This level signals a neutral sentiment with a slight bullish inclination.

The MACD indicator reveals a bullish crossover, with the MACD line at 0.00000039 crossing above the signal line at 0.00000017. This suggests potential upward momentum.

Key support is at $0.00000100, while resistance is at $0.00000150. Breaching this resistance could lead to higher prices.

Memecoins Dominate Crypto Narratives in Q2 2024

Memecoins, real-world assets (RWA), and artificial intelligence were the most popular narratives in the second quarter of 2024, based on CoinGecko’s website traffic. According to CoinGecko’s data, memecoins, RWA, and AI captured 36% of all web traffic categories during the quarter. Memecoins alone accounted for 14%, highlighting their dominance in the crypto space.

CoinGecko released its latest crypto industry report on July 16, outlining key milestones and events in Q2 2024. Memecoins posted the highest returns of 1,312% on average across top tokens by market capitalization.

Despite the high returns, memecoins have sparked controversy, with figures like Tether CEO Paolo Ardoino expressing skepticism, noting they diverge from Bitcoin’s original purpose.

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