Meme News: DOGE, PEPE, MOG Soar 75%+ in Profits Despite Market Downturn – Crypto Meme Coins Thrive


Meme News: DOGE, PEPE, MOG Soar 75%+ in Profits Despite Market Downturn - Crypto Meme Coins Thrive
Despite negative market trends, Dogecoin, PEPE Coin (PEPE), MOG, and other leading memecoins have demonstrated remarkable resilience, with a significant majority of their holders remaining in profit. IntoTheBlock data underscores this resilience, indicating that Dogecoin, as a bellwether in the memecoin niche, is poised to serve as a litmus test for a potential long-term rebound in the segment. Stay tuned for further developments in this exciting yet unpredictable crypto market segment.

Crypto Market Price Drop?

  • Leading the Charge: Blockchain analytic data reveals that MOG stands tall, with 85.5% of its holders still in profit. Closely trailing is PEPE at 78.53%, Floki at 75%, and Dogecoin (DOGE) also at 75%.
  • Dog-Themed Dominance: The popular Shiba Inu memecoin occupies the 6th spot, boasting a notable 51.83% of profitable holders according to IntoTheBlock. This resilience amidst market volatility is commendable.
  • Whale Watch: One noteworthy Dogecoin whale has made waves by amassing a staggering 90 million DOGE on Binance. This significant accumulation by the whale address “DGmzv39riW” hints at a potential price surge for DOGE in the future.
  • Despite the Dip: Despite a recent 8.51% drop in the last 24 hours, Dogecoin’s current price stands at $0.1078. However, the optimism surrounding the whale’s accumulation suggests a bullish outlook for the memecoin.
  • Market Sentiment: The resilience displayed by these memecoins, including favorites like SHIB and DOGE, is a testament to their ability to weather market storms. Massive accumulations often portend bullish prospects, adding credibility to the current optimism surrounding these digital currencies.

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    PEPE Market Slumps, Investors Anticipate Turnaround Opportunity

    In the recent tumultuous week for PEPE token holders, the cryptocurrency has witnessed a steep drop in its value, now hovering around the $0.0000095 mark. This represents a significant 21% decline since Monday, plunging PEPE to its lowest levels since May 20th. The technical indicators for the token are not reassuring, with the cryptocurrency staring down the barrel of its fourth consecutive day of losses. If this trend persists, PEPE will mark five bearish weekly closes out of the last six.

    However, despite these gloomy prospects, a segment of investors remains hopeful for a turnaround. There is a glimmer of hope on the horizon as the daily chart approaches oversold territory, indicating a potential rebound in the NEAR future. Furthermore, despite the steep decline in PEPE’s price, spot volumes have actually been increasing, rising by a significant 36% in the past 24 hours. This could be a sign that retail traders are preparing for a sharp rebound, anticipating a reversal in the token’s fortunes.

    The PEPE token has always been known for its volatile price swings, and its history suggests that an aggressive rally back into the green is not an impossible scenario. Given the current market conditions and the potential for a rebound, investors are keeping a close eye on PEPE, hoping for a turnaround that could restore its value.

    Meme Coin Market Collapse: Major Tokens Plummet in Value

  • Market Capitalization Plunges: The market cap of meme coins has plummeted to a mere $42 billion in the last 24 hours, indicating a widespread sell-off.
  • Spot Trading Volume Shrinks: Concurrently, spot trading volume has also decreased to just $5.1 billion, reflecting a lack of buyer interest.
  • Major Tokens in the Red: The leading meme coins, including Dogecoin, Shiba Inu, and Dogwifhat, have all seen their prices drop by over 7%. This widespread decline suggests a lack of resilience in the market.
  • Popcat Token Suffers Heavily: Among the hardest-hit is the cat-themed Popcat token, which has lost a staggering 17% of its value since yesterday, now trading at around $0.425.
  • Mog Coin Remains Steady: Amidst the turmoil, Mog Coin stands as the sole outlier, barely maintaining its value and providing a rare respite for investors.
  • Bitcoin Price Woes Impact Meme Coins: The decline in meme coin prices appears to be linked to the recent struggles of Bitcoin. With over $260 million in long liquidations in the past 24 hours, Bitcoin’s sharp downtrend has had a ripple effect on the broader market.
  • Bears in Control for Now: Given the current situation, it remains to be seen whether meme coins will be able to recover their losses. However, for the time being, it is clear that the bears have the upper hand in this market.

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    Dogecoin & Memecoins Gain Rising Support

    As the crypto market experiences fluctuations, one crypto trader has demonstrated a keen eye for opportunity, employing a buy-the-dip strategy to accumulate $59 million worth of PEPE and seven diverse altcoins, including ETH, SHIB, RNDR, MATIC, LINK, AVAX, and GRT. This strategic move signals Optimism for potential gains ahead for these tokens, even as the majority of memecoins, such as Dogecoin, currently face a downtrend in market value.

    Despite the market’s current challenges, crypto holders have seen a boost in profitability, which comes on the heels of notable trading platforms expanding their support for memecoins. Notably, BitMEX, a leading crypto trading firm, has added support for SHIB, DOGE, and PEPE, further validating the growing interest in these digital assets.

    To cater to this growing demand, BitMEX has launched a new product called MEMEMEXTUSDT, a Basket Index perpetual swap contract that provides traders with exposure to the top 10 meme coins. This derivatives-based contract, margined in USDT, allows traders to leverage up to 25x, offering significant potential for returns.

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