Meme Coins are Bouncing Back Amidst Market Fluctuations

• PEPE’s trading volume has surged by 48% to hit $1.13 billion.
• The meme coin market cap has noted an increase of 6.17%.

The cryptocurrency market has witnessed a prolonged downtrend as the bears put pressure on the potential bull market. The entire market was bleeding lately. However, the global crypto market cap is up 3.21% to $2.11 trillion over the last day. Similarly, the total crypto market volume increased by 33.78% to $87.97 billion. Besides, Bitcoin, the leading cryptocurrency, experienced a spike of 3.38%, and Ethereum by 5.62%. Despite this according to the CMC Crypto Fear and Greed Index, the current market sentiment is still fearful at 37. 

Meanwhile, the meme coins have bounced back from critical levels. This spike usually is witnessed after prolonged bearish momentum. The volatile meme coin market cap recorded a significant surge of 6.17%, and the trading volume is up by 26.41%. Three notable meme coins have soared considerably, which include Pepe, Bonk, and Floki. 

Pepe (PEPE)

Pepe experienced a 13% surge in the last 24 hours, currently trading at $0.000009354. The trading volume has increased by 48% to $1.13 billion, and the market cap is noted at $3.94 billion. Despite this spike, PEPE was down by 18.98% over the past seven days. Similarly, it was down by 23.77% in the last month. The daily RSI is noted at 40.92, indicating a zone close to oversold. If the bullish momentum persists, Pepe could rise to $0.000009397, while with a bearish rally heads-up, the price might drop to $0.000009293.

Pepe Chart (Source: TradingView)

Bonk (BONK) 

Bonk saw over a 24% surge in the past 24 hours, with its current trading price at $0.00002617. A remarkable increase of over 155% in trading volume is noted. Over the last week, Bonk witnessed a 0.17% increase in price, while the daily Relative Strength Index (RSI) indicates a neutral condition at 56.08. The bounce could reach $0.00002686 if the bulls lead the price, but if bearish pressure intervenes, it might drop to $0.00002587.

Bonk Chart (Source: TradingView)

Floki (FLOKI) 

Floki soared by 8.10% in the last 24 hours, currently trading at $0.0001472. The trading volume increased by 36.30% to $269 million. The asset was trading high at 0.0001855 last week. Over the past month, the asset is down by 47.49%, and the daily RSI indicates a slightly oversold condition at 40.54. If the short-term bull run persists, Floki could rise to $0.0001499, and if bears wake up, the price might dip to $0.0001414. 

Floki Chart (Source: TradiongView)

The crypto market is slightly recovering from the bearish pressure, with some of the meme coins climbing from weekly and monthly lows to surging double digits. 

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