The latest general analysis of the crypto market and Bitcoin price reveals extreme greed among the market participants. The recent surge in memecoins like PEPE, BONK, Shiba Inu (SHIB), and Dogwifhat (WIF) accurately depicts the euphoric state of the altcoin markets. This memecoin mania comes at a time when Ethereum and Bitcoin prices are consolidating.
On Monday, BTC refreshed its yearly highs by another surge above $64,000. This move triggered outflows from most of the altcoins market except for the memecoins and a few major coins. However, the most valuable digital asset couldn't gain strength above its $64k resistance and changed hands at $63,736 at press time.
The fear and greed index also indicates 'extreme greed' as it has now been above 80 for the last 7 days. This is a major sign of an overheated market as the investors go euphoric. In the last one week, the biggest gainer in the top 100 coins is PEPE, with a 372% surge. Popular dogcoin, WIF, and FLOKI come at the close second and third with 341% and 328% rallies.
Among other major cryptocurrencies, Fantom also stood out among the Layer 1 protocols on Monday as the FTM price increased by 30%. At the time of writing, the native asset of the Fantom ecosystem was trading at $0.67 on crypto exchanges.
The frog-themed PEPE coin is leading the gains among the memecoins with a remarkable surge of 372% in the last 7 days. This also means a new all-time high for the meme coin which was released last year. Technical analysis suggests that the rally could be overextended, and a retest of the previous all-time high of $0.00000439 may occur in the coming weeks.
However, coins like PEPE have a mind of their own and love to surprise their holders with their abrupt price moves. Therefore, if the bullish momentum is sustained, the next target for PEPE/USD could be $0.00001049, which aligns with the 2.618 fib retracement level.
OG dogcoins like Dogecoin and Shiba Inu are also performing very well. SHIB has woken up after a long slumber, gaining 185% in the last 7 days with a significant increase in trading volume. Technical analysis is pointing toward a retest of the $0.00003000 level soon.
Solana memecoins are also going bonkers as WIF and BONK had record surges in the last week. The buying pressure pushed the prices of both altcoins to their new all-time highs.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.