Why Are DOGE, pepe, FLOKI, BOME Prices Rising?
After some pretty turbulent price action, the meme coin industry has experienced a collective revival that has attracted significant investors in the global crypto world. Notably, popular meme-based cryptocurrencies including DOGE, PEPE, FLOKI, and BOME have all experienced a significant increase in prices in the last 24 hours. Here is a general overview of why prices are rising, which has sparked tremendous market optimism surrounding these tokens.
Resurgence of Meme Stocks Shines Hope for Meme Coins
In an unprecedented event, GameStop (GME) and AMC Entertainment Holdings Inc. meme stocks have experienced a phenomenal price increase recently. GameStop (NYSE: GME) rose from $17 to $64. On the other hand, another meme stock, AMC (NYSE:AMC), has skyrocketed from a $3 price level to as high as $11.
Surprisingly, this resurgence of meme stocks has sparked a flurry on Wall Street; because these price increases came with the revival of the ‘Roaring Kitty’ social media account. Although the account revival did not give any significant clues about these meme stocks, the emergence of this phenomenon has sparked hopes for meme-based financial investments.
Currently trading at $49.84, GME meme stock is up 63.68% today at the time of writing. Meanwhile, AMC shares traded at $9.24 gained 78.03% today.
Simultaneously, while meme stocks revived today, the meme coin industry also followed suit.
dogecoin (DOGE)
Dogecoin, which has one of the largest market values in the meme coin industry with $22.08 billion, gained 4.19% in value in the last 24 hours, reaching $0.1528. According to data from Coinglass, this price increase is primarily in line with the strong market uptrend of the dog-themed meme token.
DOGE’s open positions (OI) increased by 7.16% to $843.63 million today, while its derivative volume increased by 85.56% to $4.12 billion. This highlighted a notable increase in trading activity, accompanied by an increase in investor interest, potentially increasing the token’s upward momentum.
Pepe Coin (PEPE)
Meanwhile, another prominent meme coin, PEPE, led the rally in the meme coin market with an 11.15% increase witnessed in its price in the last 24 hours. Currently sitting at $0.00001066, the frog-themed meme token is experiencing significant buying pressure in the market.
Reports from parofix Media have revealed a staggering amount of PEPE accumulated by whales and smart money in recent days. Additionally, at the time of publishing, Spotonchain’s insights showed that 0x37d, a smart trader, withdrew 407.74 billion PEPE from Binance. It is worth noting that this address previously traded PEPE to accumulate SHIB and made tremendous profits with Pepe coin. Collectively, this data highlighted the increase in buying pressure for frog-themed meme tokens.
Additionally, Coinglass data showed that PEPE’s open interest rose 2.31% to $118.78 million, followed by derivatives volume rising 137.54% to $2.81 billion; This reflects the optimistic atmosphere in the market.
Floki Inu (FLOKI)
A dog-themed meme coin is bringing significant buying pressure, rising 3.36% in the last 24 hours to $0.0002025. According to insights from SpotonChain, market Maker DWF Labs was noted to have withdrawn a staggering 2 billion FLOKI from binance today. This strategic effort also coincides with the promising bullish proposition for the Floki community.
The token burn proposal launched to permanently remove just over 15 billion FLOKI appears to have led to a great deal of market optimism around the token. These factors, combined with an OI increase of 15.73% and a derivatives volume increase of 244.72%, potentially align with FLOKI’s increased price action.
Also Read: Bitcoin Holds $61K Despite Dismal US PPI Data
BOOM
Book of Memes (BOME), a solana-based meme coin, saw its price increase by 2.36% in the last 24 hours and currently stands at $0.01123. With a 98.08% increase in 24-hour trading volume, which currently stands at $613.95 million, crypto has garnered significant attention amid the meme coin revival.
BOME’s open positions increased by 6.45% to $83.93 million, followed by derivative volume by 37.61% to $738.98 million. This indicates a bullish trend for the meme coin in the market, potentially triggering bullish price action.
Also Read: Tornado Cash Developer Sentenced to 64 Months in Prison for $1.2 Billion Money Laundering
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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