Memecoins are trading sideways after a mid-week attempt by cryptocurrencies to change the bearish outlook although assets like PEPE and FLOKI remain in the red zone. On-chain data shows similar outflows from both memecoins this week as the wider market attempts to recover from previous liquidations. PEPE is down 4% in the last 24 hours
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Memecoins are trading sideways after a mid-week attempt by cryptocurrencies to change the bearish outlook although assets like PEPE and FLOKI remain in the red zone.
On-chain data shows similar outflows from both memecoins this week as the wider market attempts to recover from previous liquidations. PEPE is down 4% in the last 24 hours with daily trading volumes at $545 million. On the other hand, FLOKI is down 4% but with a lesser daily volume of $192 million.
PEPE and FLOKI Sees Red
This downtrend can be viewed as investors make moves away from memecoins wiping out gains recorded in the market last week. Both assets have also recorded 10% outflows in the last seven days showing strong signs of correlation. The correlation is a result of a general market sentiment.
PEPE’s monthly position is down 9.2% although some analysts and its community are bullish pointing to previous highs. A decline in asset prices is seen as a buying opportunity before an uptick is recorded in the market. This week, social media spaces were overshadowed with bulls posting “buy the dip” in anticipation of more yearly runs.
FLOKI is up 57% in the last 30 days after bullish on factors and a rise in crypt prices. This week, FLOKI received news of the asset used in Binance’s Pay transactions. The fact that it can be used as a payment option for multiple merchants coupled with more integration increased the momentum of FLOKI. Like PEPE, FLOKI is affected by the wider maker by movements.
Possible Weekly Reversal
Memecoins are known for increased volatility with inflows sparking up a frenzy leading to frequent asset surges. PEPE and FLOKI surged in previous months on the back of inflows to the markets. Last quarter saw massive institutional flow to cryptocurrencies with the price of Bitcoin soaring to an all-time high and assets hitting new levels.
This was seen in memecoins similar to the recent plunge in the market. A key indicator for a reversal would be the performance of the wider market. With the halving approaching, some commentators hint at market upticks above the status quo.
Read Also: Trader Turned $100 Million Crypto Investment Into $8.3 Million In A Week; Here’s How He Did It
The post PEPE and FLOKI’s Similar Outflows: Possible Weekly Reversal? appeared first on CoinGape.
