In the past two days, memecoins have seen a surge in buying activity, riding on Bitcoin’s bullish wave as it reignited the ‘Uptober’ movement by reaching $35K. Notably, on-chain data indicates a significant increase in whale investor activity around Floki Inu and Pepe coin, with both experiencing increased price volatility after surpassing key monthly resistance levels. Nonetheless, there’s a concern regarding a potential selloff by these investors, seeking profitable exits during any trend reversal.
Memecoins Rise As BTC Price Hits $35K
Over the last day, both Pepe coin and Floki Inu have experienced an upward sentiment exceeding 20% due to a comeback in purchasing power. Pepe’s uptick was significantly accelerated by the recent elimination of 6.9 trillion coins, bringing additional upward pressure on its value. IntoTheBlock data indicates that Pepe is still undergoing a boom in large-scale transactions, with the value skyrocketing from $10.4 million to a substantial $40 million.
Conversely, Floki Inu is witnessing declining attention from significant stakeholders as transactions see a downtrend subsequent to its recent rejection. Data states a sharp fall from $5.6 million to just $1.5 million within 24 hours, pointing towards an intensifying sell-off initiated by whales.
Pepe Coin Price Analysis
Pepe surged past the moving averages recently and is currently holding momentum above the monthly resistance line of $0.0000017. Bulls have intensified their demand, and Pepe is set to witness another rally in the coming hours. As of writing, Pepe trades at $0.00000119, surging over 25% from yesterday’s rate.
The 20-day EMA, now at $0.0000009, is beginning to climb, with the RSI heading through the overbought region. These indicators suggest a weakening bearish hold. The Pepe price has the potential to climb to $0.0000019, at which point the bears will likely attempt to stop further surges.
Should the bulls maintain their stance near this resistance, the chances of surging past $0.0000025 become more likely. This scenario sets the stage for a potential upswing towards new highs.
Conversely, a significant retreat from the $0.0000019 mark could indicate a bearish comeback and significant selloff.
Floki Inu Price Analysis
Floki Inu is currently witnessing a surge after bulls defended further decline from $0.00002445. Floki is attempting a bullish breakout as it surges above the fear zone. As of writing, Floki price trades at $0.000031, surging over 22% from yesterday’s rate.
The bulls now aim to drive the price above $0.00003721. A surge above this level will take the memecoin to new highs in the coming days. With rising EMA lines and RSI levels, bulls now have the advantage.
However, the sentiment might soon shift as bears attempt for a decline below $0.00002. A decline below $0.000017 will begin intense selling pressure on the price chart.