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PEPE and Dogecoin Rise as Bitcoin Reaches $116,000

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by Giorgi Kostiuk

6 hours ago


Bitcoin's rise to $116,000 has drawn investor attention toward memecoins like PEPE and Dogecoin. Their gains illustrate a steady correlation with Bitcoin's dynamics.

Bitcoin's Rise and Interest in Memecoins

On July 10, Bitcoin reached $116,000, marking its highest level since mid-May. This shifted trader interest toward high-beta assets, with capital rotating into memecoins like PEPE and Dogecoin, which surged by 17% and 6.7% respectively.

Technical Analysis of PEPE and the Breakout Point

On July 10, PEPE exhibited a decisive bullish trend when its price broke out of a falling wedge pattern after weeks of consolidation. Key indicators support this breakout: RSI (14) stands at 65.13, MACD indicated a bullish crossover, and the price cleared the 23.6% Fibonacci retracement, with the next key level at $0.00001479. Trading volume surged 123% to $1.34 billion, validating the move.

Market Conditions and PEPE Forecasts

On-chain data from Santiment indicates that whales accumulated over 9 trillion PEPE—worth more than $90 million—from June 29 to July 9, reducing the token's exchange supply by 2.9%. Meanwhile, open interest in PEPE futures rose 24.9% in 24 hours. Despite RSI (7) hitting 79.79, the bullish scenario remains viable if Bitcoin stays above $116,000.

Bitcoin's rise has significantly impacted memecoins, reinforcing existing dynamics. Technical indicators and whale activity form an optimistic outlook for upcoming trades.

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