Recent interest in memecoins such as $DOGE and $PEPE is noted in the crypto community amid rising activity on social media.
Memecoin Market Shows Activity
Cryptocurrencies like $DOGE, $PEPE, $FLOKI, $BONK, and $WIF have begun to gain more mentions in social media, signaling a potential shift in investor sentiment. These assets are often characterized by sharp price movements driven by online engagement and community narratives.
Increased Open Interest in DOGE Futures
Data from futures markets show a correlation between DOGE's price and open interest, with both metrics increasing sharply from mid-February to early April, peaking in late March. After this peak, both metrics fell, likely due to profit-taking; however, by mid-June, both began to rise again.
PEPE Prices Rise Alongside Open Interest Spike
The 1-hour chart for PEPE reflects a recent price increase to around $0.0125, coinciding with a significant spike in open interest, reaching nearly $497.5 million. Technical indicators show potential warning signs, with mixed signals suggesting that traders should be cautious regarding momentum.
Despite their impractical applications, memecoins continue to attract attention due to their quick-profit potential. Traders closely monitor social media trends, anticipating the next round of speculation on assets like DOGE and PEPE.
