Today in Markets

Return of the Memes

The top memecoins are running, is the next big rally beginning?
David C David C Apr 23, 20242 min read
market analysis Return of the Memes

Memes strike back. Memecoins have hit the gas again with BONK up ~60%, PEPE up ~50%, and POPCAT (the tokenized version of the OG internet meme) up ~300% over the past seven days. Is this the first big push in the next major rally for the sector?

Whatever happens next, Bitcoin’s rebound has certainly played a part in this return, as have CEX listings, whether in the form of perps or spot:

  • Today, PEPE perpetuals went live on Coinbase International after a delay, hiking PEPE up ~15% on the day.
  • Last week, on April 18th, POPCAT spot started trading on the MEXC exchange, which has been a catalyst for its extraordinary seven-day growth.
  • Thursday, April 25th, WIF perpetuals will go live on Coinbase International, allowing non-US users to trade the beloved dog and its hat with leverage.

Focusing in on PEPE, its technicals indicate positive momentum, with its EMA10 (the average price of the last 10 days) on target to pass its EMA55 mark, an indication of a bullish phase.

Additionally, with the Relative Strength Index at a neutral 51 (meaning a balanced amount of bullish and bearish holders) and a weakening Average Directional Index at 20, PEPE's data suggests dwindling bearish power, positioning the frog for greener pastures.

Social analysis of PEPE also shows continued growth, a critical indicator in emerging markets like crypto, where sentiment on social media largely drives price action rather than fundamentals.

via Kaito

Similar positive social trends can be seen in WIF's and POPCAT's recent engagement data.

These trends show that while memecoins exhibit the sharpest drops when market conditions turn treacherous, they also exhibit the greatest spikes when sentiment changes. 

If Bitcoin continues to hold firm, we can expect riskier appetites to revive in the market as well, so memecoins getting hotter over the coming weeks can confirm whether the industry’s regained its iron stomach once more!

David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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