- PEPE and FLOKI recovered from low user activity as they outperformed WIF and BONK.
- The 9 and 20 EMAs suggested that a drawdown is possible but not guaranteed.
Memecoins including Pepe [PEPE] and Floki [FLOKI] joined the market rally as prices recovered over the last 24 hours. At press time, PEPE had climbed by 23.62%. FLOKI, on the other hand, jumped by a mind-blogging 44.24% within the same period.
One common thing between FLOKI and PEPE was that they both operate on the Ethereum blockchain.
However, Solana-based memecoins were not left out of the revival. But the only difference was that none of them got close to either of the Ethereum tokens mentioned above.
Guess who is superior now
For instance, the price of Bonk [BONK] increased by 10.80%. dogwifhat [WIF] registered a 17.83% increase. But BOOK OF MEMES [BOME], despite its recent hype could not match up as it posted a 5.08% decrease.
Before the recent drawdown, the prices of these memecoins tapped impressive heights. At the time, AMBCrypto reported that a chunk of the Solana cohort outperformed their Ethereum counterparts. But what were the driving forces this time?
According to our on-chain analysis, active addresses played a vital role in the pump. On the 20th of March, the 24-hour active addresses on Pepe’s network plunged. For Floki, it hit a week-long low on the 19th.
The previous decline in the metric suggested that participants lost interest in the tokens. Hence, there was little to no demand to trigger a price increase.
Source: Santiment
However, press time data from Santiment revealed that the situation has changed. As of this writing, FLOKI’s active addresses had risen to 6851. PEPE also recorded a jump in the metric which drove it to 4448.
Furthermore, this data is a promising sign that the value of the tokens might continue to increase over the next few days. But that would only happen if traders do not decide to depart the networks again.
They are not yet out of danger
In terms of the price action, the 4-hour PEPE/USD chart revealed that the token was completely out of the woods.
At press time, the 9 EMA (blue) had crossed over the 20 EMA (yellow). This is considered a bullish trend. But the EMAs were close to each other and PEPE’s price at $0.0000081.
Source: TradingView
Should mild profit-taking appear, PEPE’s price might slip below the EMAs, and the bullish bias might be invalidated. However, the Accumulation/Distribution (A/D) indicated that the memecoin might evade this scenario as buying pressure increased.
For FLOKI, its situation was similar to PEPE as the EMAs displayed the exact trend. If the price of FLOKI drops to $0.00021, then the upswing might slowly decline.
Source: TradingView
Realistic or not, here’s PEPE’s market cap in FLOKI terms
In addition, the Awesome Oscillator (AO) revealed that bulls were trying to avoid that as it indicated increasing upward momentum.
In a highly bearish case, FLOKI’s price might drop to $0.00018 while PEPE might decrease to $0.0000066. However, a bullish prediction for both memecoins could see their values climb to new all-time highs.
