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Meme News: DOGE, PEPE, MOG Soar 75%+ in Profits Despite Market Downturn – Crypto Meme Coins Thrive
2024/07/05By:
Despite negative market trends, Dogecoin, PEPE Coin (PEPE), MOG, and other leading memecoins have demonstrated remarkable resilience, with a significant majority of their holders remaining in profit. IntoTheBlock data underscores this resilience, indicating that Dogecoin, as a bellwether in the memecoin niche, is poised to serve as a litmus test for a potential long-term rebound in the segment. Stay tuned for further developments in this exciting yet unpredictable crypto market segment.
- Crypto Market Price Drop?
- PEPE Market Slumps, Investors Anticipate Turnaround Opportunity
- Meme Coin Market Collapse: Major Tokens Plummet in Value
- Dogecoin & Memecoins Gain Rising Support
Crypto Market Price Drop?
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PEPE Market Slumps, Investors Anticipate Turnaround Opportunity
In the recent tumultuous week for PEPE token holders, the cryptocurrency has witnessed a steep drop in its value, now hovering around the $0.0000095 mark. This represents a significant 21% decline since Monday, plunging PEPE to its lowest levels since May 20th. The technical indicators for the token are not reassuring, with the cryptocurrency staring down the barrel of its fourth consecutive day of losses. If this trend persists, PEPE will mark five bearish weekly closes out of the last six.
However, despite these gloomy prospects, a segment of investors remains hopeful for a turnaround. There is a glimmer of hope on the horizon as the daily chart approaches oversold territory, indicating a potential rebound in the NEAR future. Furthermore, despite the steep decline in PEPE’s price, spot volumes have actually been increasing, rising by a significant 36% in the past 24 hours. This could be a sign that retail traders are preparing for a sharp rebound, anticipating a reversal in the token’s fortunes.
The PEPE token has always been known for its volatile price swings, and its history suggests that an aggressive rally back into the green is not an impossible scenario. Given the current market conditions and the potential for a rebound, investors are keeping a close eye on PEPE, hoping for a turnaround that could restore its value.
Meme Coin Market Collapse: Major Tokens Plummet in Value
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Dogecoin & Memecoins Gain Rising Support
As the crypto market experiences fluctuations, one crypto trader has demonstrated a keen eye for opportunity, employing a buy-the-dip strategy to accumulate $59 million worth of PEPE and seven diverse altcoins, including ETH, SHIB, RNDR, MATIC, LINK, AVAX, and GRT. This strategic move signals Optimism for potential gains ahead for these tokens, even as the majority of memecoins, such as Dogecoin, currently face a downtrend in market value.
Despite the market’s current challenges, crypto holders have seen a boost in profitability, which comes on the heels of notable trading platforms expanding their support for memecoins. Notably, BitMEX, a leading crypto trading firm, has added support for SHIB, DOGE, and PEPE, further validating the growing interest in these digital assets.
To cater to this growing demand, BitMEX has launched a new product called MEMEMEXTUSDT, a Basket Index perpetual swap contract that provides traders with exposure to the top 10 meme coins. This derivatives-based contract, margined in USDT, allows traders to leverage up to 25x, offering significant potential for returns.
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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
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