Pepe Coin and Floki Inu Overcome Monthly Resistance And Back in Up-Trend

The meme coin market soars with over $16 billion cap and 44.95% volume growth, driven by coins like FLOKI and PEPE.
Pepe Coin and Floki Inu Overcome Monthly Resistance And Back in Up-Trend

Despite its modest beginnings, the meme coin industry has grown to become a significant niche with a market valuation of over $16 billion and a growth rate of 8.56%. Meme currency trade volume has increased by 44.95% to about $1.8 billion. The market cap of meme coins climbed dramatically over the last week, with FLOKI and PEPE, two well-known meme currencies, showing particularly big rises.

Pepe Coin (PEPE):

Pepe Meme Coin is presently trading at $0.000001224, ranking third in the meme market cap, and has climbed by 95% in the last week. The trading volume of PEPE has declined dramatically from its all-time high of over 1,000% in the early going in July. It is currently $481 million less than its high.

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PEPE USDT chart: Source TradingView

Pepe Coin has been in a decline for the previous two months, but October was good enough to reverse the trend after struggling to break over the 50 MA resistance on a daily time frame.

This week began with great bullishness for $PEPE as the price broke over the 50 SMA barrier and continued to rise until it reached the 100 SMA. After hitting the value of $0.00000100, the price fell slightly. But, once again, the 100 SMA served as support, and the price rose by 30% to $0.00000120.

According to coinmarketcap, $pepe has had considerable trading activity this week, with a volume to market cap ratio of 102%. The RSI has crossed the 70-point limit twice and has been at 78 for the previous two days, indicating that there is still strong buying pressure in the market and that pullback will occur, but the price will finally rise. Given the present market sentiment and the optimistic tendency of Bitcoin, if BTC maintains its current value and continues to rise, $PEPE will follow suit and may hit $0.00000150.

Pepe 2.0 (PEPE2.0), which debuted in June, is a low-cap meme coin that advertises itself as an improved version of the original PEPE. It is based on Ethereum and was created by early PEPE investors, whom the project founder claimed banned. There are 420 quadrillion tokens in total issuance.

Floki Inu (FLOKI):

Floki is presently the fourth most traded meme currency, with its price jumping by 76% in the last seven days to reach $0.00003169. Floki’s trade volume is increasing day by day, reaching more than $167 million last week.

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FLOKI USDT chart: Source TradingView

Floki began the week with a strong trading session after rising 30% in the previous week, allowing it to break above the resistance of $0.0000240. After a 10% upward movement, there was an almost full retracement.

However, it gained a staggering 20% yesterday, resulting in an 80% difference between the top and bottom of the last seven days. Floki’s RSI has crossed 80 points, indicating strong buying demand from traders even in an overbought region. It is currently priced at $0.000031, which served as a critical support throughout the June mayhem. If Floki continues to rise, it will be able to retest its ATH because there is no susbtencoial resistance in the way.

Elon Musk named his Shiba Inu dog Floki, which led to the 2021 launch of FLOKI (FLOKI). FLOKI began as a dog-themed coin, akin to Dogecoin and Shiba Inu, before evolving into a utility project. It has a total token supply of ten trillion dollars and runs on both the Binance Smart Chain and the Ethereum blockchain.

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