Over the past two days, memecoins have seen a surge in buying activity, building on Bitcoin’s bullish wave as it reignited the ‘Uptober’ movement by reaching $35,000. In particular, data from the chain indicates a significant increase in whale investor activity around the Floki Inu and Pepe coin, with both experiencing greater price volatility after crossing key monthly resistance levels. Nevertheless, there are concerns about a possible sell-off by these investors, who look for profitable exits at every trend reversal.
Memecoins rise as BTC price reaches $35,000
Over the past day, both Pepe Coin and Floki Inu have experienced upward sentiment of over 20% due to a comeback in purchasing power. Pepe’s revival was significantly accelerated by the recent elimination of 6.9 trillion coins, which put additional upward pressure on its value. Data from IntoTheBlock shows that Pepe continues to experience tremendous growth in large-scale transactions, with its value skyrocketing from $10.4 million to a substantial $40 million.
Conversely, Floki Inu is witnessing waning attention from key stakeholders as transactions trend downward following its recent rejection. Data shows a sharp drop from $5.6 million to just $1.5 million within 24 hours, indicating an intensification of the sell-off initiated by whales.
Pepe Coin Price Analysis
Pepe recently rose past the moving averages and is currently maintaining momentum above the monthly resistance line at $0.0000017. Bulls have intensified their demand and Pepe will witness another rally in the coming hours. At the time of writing, Pepe is trading at $0.00000119, up more than 25% from yesterday’s price.
The 20-day EMA, now at $0.0000009, is starting to rise, with the RSI moving through overbought territory. These indicators indicate a weakening bearish hold. Pepe price has the potential to rise to $0.0000019, after which the bears will likely try to stop further gains.
Should the bulls maintain their stance near this resistance, they are more likely to rise past $0.0000025. This scenario sets the stage for a potential rebound to new highs.
Conversely, a significant pullback from the $0.0000019 mark could signal a bearish comeback and a significant sell-off.
Floki Inu Price Analysis
Floki Inu is currently witnessing a rise after the bulls defended a further decline from $0.00002445. Floki is trying to make a bullish breakout as it rises above the fear zone. At the time of writing, Floki price is trading at $0.000031, up over 22% from yesterday’s price.
The bulls are now aiming to push the price above $0.00003721. A rise 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, sentiment could change quickly if the bears try to push for a drop below $0.00002. A drop below $0.000017 will cause intense selling pressure on the price chart.
