The meme coin market experienced a drastic change on Tuesday, surging to $27.2 billion at the time of writing, a 20% change in less than 24 hours.
This upswing is driven by PEPE and other popular assets, which have seen substantial double-digit gains this week following Bitcoin’s most recent peak at over $60K.
PEPE On Fire
PEPE, one of the traders’ most beloved meme coins, has seen a dramatic price uptick, reaching a $0.0000033 peak on Tuesday at 3:00 PM EST. Currently trading at $0.0000031, the memecoin has exploded 180% in the last seven days and 40% in 24 hours.
According to data from Coinglass, the Open Interest (OI)-Weighted Funding Rate for PEPE surged from 0.0169% to 0.12%, then retraced to 0.06%. Nevertheless, the upswing suggests a growing willingness among traders to pay more for holding long positions, hoping for more bullish price action.
Memecoins Going Vertical
FLOKI and dogwifhat (WIF) also went vertical on Tuesday, up 23% and 31%. These two meme coins are in the scope of traders due to their explosive start of the week, reaching substantial levels of trading volume across multiple exchanges, including DEXs.
Other noteworthy assets from this cohort also experienced a drastic price change on Tuesday, with Dogecoin (DOGE) – which mostly remained on the sidelines for several weeks – netting a 10% surge, currently at $0.12.
The resurging interest in meme coins is most likely fueled by the recent upswing Bitcoin and other leading cryptocurrencies like Ethereum have witnessed. That and traders turning hundreds of dollars into millions by trading such assets – especially those within the Solana ecosystem – causing FOMO for those looking to get a piece of the action.
Readers should remain cautious when engaging with meme coins in general due to their volatile nature. For those interested in delving further into this topic, we invite you to watch our dedicated video below:
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