Memecoin Market Jumps 16% In 96 Hours!

After recording a bearish price action for a brief period, the memecoin segment has finally displayed a positive reversal. By Aayush Handa.

While the top cryptocurrencies continue struggling, the memecoin segment has jumped over 16% in the last 4 days and is currently valued at $56.32 billion. This has resulted in top memecoins breaking out of their important resistance trend levels.

Moreover, top marketers and investors are speculating about a potential memecoin rally in the upcoming months. Furthermore, questions like "Is this a good time to invest in memecoins?" and "Will memecoins rise back up?"

In this article, we will uncover the overview of the memecoin industry.

Memecoin Market Jumps 16% In 96 Hours!

After recording a bearish price action for a brief period, the memecoin segment has finally displayed a positive reversal. Notably, over the past weekend, this category has reclaimed the $50 billion mark and is on a constant rise.

Dogecoin (DOGE) has displayed a strong bullish action over the past seven days by adding 23.84% to its high of $0.2054 (Today) from a low of $0.1658 (21st March). However, it has dropped over 4.6% since then and is currently exchanging hands at $0.1959 with a trading volume of 1.97 billion.

Shiba Inu (SHIB), the second largest memecoin by market cap has displayed a similar price action by soaring ~25% in 7 days. But it has dropped ~6% over the last 6 hours with a trading volume of $538.56 million, a change of +171.06%.

The third largest memecoin, Pepe (PEPE), has secured the limelight of the crypto space with a price rally of over 20% during this period. This has resulted in it surpassing the market cap of $3.5 billion with an intraday trading volume of $951.55 million. Moreover, with a listing price of $0.000008701, it has secured 30th position in the market.

Another such project is the Floki memecoin. This Ethereum-based has displayed a similar price prospect by breaking above its important resistance level of $0.0000750. However, the rally was short-lived and this memecoin plunged ~5% within hours. With a trading volume of $146.73 million and a value of $0.0000718, it has a market cap of $691.85 million.

Concluding Thoughts

The volatility in the crypto industry is on a constant rise, considering the present market sentiments. Make sure to do your own research before investing in any digital asset as the memecoin segment is highly uncertain and is prone to pump-and-dump schemes.