Story Highlights
- The meme coin market slumps, but Meme coin Pepe and Bonk buck the trend with short-term gains.
- Pepe leads the charge with an 11% surge in 24 hours, entering a weak bull trend.
- Bonk follows closely, breaking resistance and weakening its bearish trend.
The memecoin market, which mirrored the broader market’s slump on June 11th, has shown signs of recovery with Meme coin Pepe and Bonk emerging as the comeback champions.
Last time #bitcoin was showing weakness, $PEPE slowly started showing strength against the tide, then suddenly-catapulted violently upwards.
— DEFI OMEGA (@DefiOmega) June 11, 2024
History will repeat.
Time is a flat circle… pic.twitter.com/C4DL6fSWVS
Double-Digit Declines Plague Memecoins
A look at the CoinMarketCap rankings reveals a bloodbath for most meme coins over the past week. Dogecoin (DOGE), the memecoin kingpin, fell over 15% in the last seven days, with a near 1% dip in the last 24 hours.
Pepe and Bonk Buck the Trend
However, Meme coin Pepe and Bonk defied the downtrend, showcasing resilience in the last 24 hours. While both remain in the red over longer timeframes, they’ve clawed their way back in the short term.
A daily chart analysis of Pepe reveals a price surge on June 12th, defying the market’s slump. The meme coin jumped over 5%, followed by another almost 3% increase, currently trading at around $0.0000131. Notably, Pepe’s support level, represented by the short-moving average, remains strong. This recent uptick has even pushed it into a weak bull trend, with its Relative Strength Index (RSI) inching above the neutral line.
Similar to Pepe, Bonk experienced a slight uptick on June 12th. However, the real surge came in the current trading session, with a near 6% price increase. The chart suggests Bonk is on the verge of breaching its resistance level, the yellow line. Despite the gains, Bonk remains in a bearish trend, albeit a weakening one. Its RSI reflects this, currently hovering below the neutral line but showing signs of upward movement.
It’s too early to declare a memecoin resurgence. While Meme coin Pepe and Bonk’s short-term performance is encouraging, their long-term outlook remains uncertain. However, their defiance in the face of a market downturn suggests a potential for memecoin resilience, and investors will be closely watching to see if this translates into a sustained recovery.
