- PEPE and BONK seem like defying this outlook with important beneficial properties over the previous 24 hours.
- Revered crypto analyst Michael van de Poppe believes {that a} rebound in cryptocurrencies is probably going attributable to a number of macroeconomic occasions this week.
Pepe (PEPE) and Bonk (BONK) lead the largest meme coin beneficial properties immediately as Dogecoin and Shiba Inu battle alongside the broader crypto market.
Bitcoin's sharp declines on Tuesday, together with bleeding for Ethereum, Solana and different altcoins, noticed promoting stress spill over into memecoins.
Crypto market outlook analyst
In response to crypto analyst Michael van de Poppe, whereas BTC and altcoins have confronted downward stress, there could possibly be a “backside” amid a number of macroeconomic occasions lined up for this week.
Consists of anticipated CPI launch, FOMC assembly and Federal Reserve rate of interest choice. These are occasions that would have a major impression on the broader market.
“Markets have been correcting as a result of anticipation of those occasions normally has a detrimental relationship with value motion in crypto markets, particularly altcoins. Moreover, the Roaring Kitty occasion and final week's GameStop correction didn’t have a optimistic impression on value motion,” he wrote on X.
Van de Poppe says the bullish flip is probably going attributable to earlier market reactions to the FOMC assembly.
Pepe value
PEPE traded as little as $0.00001163 on June eleventh, hitting the extent amid bearish market stress.
Whereas the worth of Pepe stays beneath the downtrend line fashioned after the rejection from round $0.000017 in late Might, immediately's soar means it’s buying and selling close to $0.000013.
This value degree boosted Pepe by 8% within the final 24 hours after paring among the early beneficial properties amid intense volatility within the meme coin market.
Nevertheless, PEPE seems poised for additional upside motion if patrons maintain the help space.
Bonko's value
Bonk (BONK) is the primary dog-themed Solana-based memecoin that went parabolic in late 2023 to assist Solana break the $200 degree.
In current months, the token has lagged behind newly launched counterparts akin to dogwifhat (WIF). Nevertheless, Bonk stays the most effective meme coin on Solana and is presently hovering alongside GME.
The worth of Bonk is presently at $0.00002872, up 6% within the final 24 hours. BONK soared to an all-time excessive of $0.00004547 this March.
Whereas it fell 17% final week, immediately's bounce may set off a brand new rally.
