PEPE, POPCAT bounce back as GameStop boosts memecoins: What’s next?

• Memecoin season is back with a vendetta that might actually kickstart a strong bull run.
• PEPE and POPCAT have increased by over 20% in the past twenty-four hours.

Yesterday was a historical one for financial markets as Roaring Kitty, the legendary meme stock retail investor, made an iconic comeback with a single tweet that sent GameStop’s GME surging by over 100% in just a few hours. 

The performance was so powerful it had to be halted for volatility reasons.

Almost immediately, the memecoin market caught the bug and coins started surging too, and an entire new band of coins were pushed into the market. Is this how the bull run starts?

Source: CoinGecko

PEPE, POPCAT: Top gainers

The two best performing meme coins are the Solana [SOL]-based Pepe [PEPE] and Popcat [POPCAT], having both gone up by over 20% in the past twenty-four hours.

What’s particularly interesting is the timing and the nature of these coins’ rise.

Meme coins often thrive on social media influence and community-driven hype, a place where people like Roaring Kitty have a lot of power.

Santiment data shed light on the activity within the memecoin market. Examining the data reveals an unusual spike in trading volumes, noting a more than 34% increase among top meme assets.

Source: Santiment

Pepe has seen the most trading activity over the past day. Coins like Shiba Inu [SHIB] and Dogecoin [DOGE] have seen the most increases in social volume, 46.49% and 34.12% respectively.

CoinGlass data shows that PEPE’s Open Interest has jumped 28.6% to $120.8 million. This increase suggests traders are highly confident about PEPE’s future.

However, the quick rise in Open Interest and trading volume might also point to more speculation, which could cause more ups and downs and possible sharp price drops.

Source: Coinglass

Community sentiment and outlook

While most parts of the crypto market have seen some downturns, meme coins in the Solana ecosystem are following a different trend. PEPE is trending number 1 globally on Twitter, with over a million tweets about it.

The general sentiment among traders and investors, as per data from Santiment, is bullish. Over 60% of the community is bullish on meme coins today. 

TradingView data for the POPCAT/USDT pair shows distinct periods of both upward and downward movements.

The asset experienced a sharp rise from around $0.4850 to a peak near $0.5250, followed by a pullback and subsequent recovery phases. 

Given the recent recovery and stabilization around the $0.5115 level, coupled with the general uptrend observed from the lowest points, the market sentiment appears cautiously bullish.

Source: TradingView

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As for PEPE, if it can sustain its position above the recent support level at 0.00001030 USDT and break through the resistance at 0.00001100 USDT, it might continue to surge towards much higher price levels.

However, if the resistance holds and selling pressure increases, a retracement towards the support level or further could occur. 

Source: TradingView