- PEPE and BONK look to be defying this outlook with notable beneficial properties previously 24 hours.
- Revered crypto analyst Michael van de Poppe believes a crypto bounce is probably going amid a number of macroeconomic occasions this week.
Pepe (PEPE) and Bonk (BONK) are main prime meme coin gainers at present as Dogecoin and Shiba Inu wrestle alongside the broader crypto market.
Bitcoin’s sharp declines on Tuesday, coupled with bleeding for Ethereum, Solana and different altcoins, noticed the sell-off strain cascade into memecoins.
Analyst on crypto market outlook
In response to crypto analyst Michael van de Poppe, whereas BTC and altcoins have struggled with draw back strain, a “backside could possibly be in” amid a number of macroeconomic occasions lined up for this week.
It contains the anticipated CPI launch, FOMC assembly and the Federal Reserve’s rate of interest resolution. These are occasions that might have a notable affect on the broader market.
“The markets have been correcting down because the anticipation of those occasions normally has a destructive relationship with the worth motion on the crypto markets, particularly altcoins. On prime of that, Roaring Kitty’s occasion and GameStop’s correction of final week didn’t have a constructive affect on the worth motion,” he posted on X.
Van de Poppe says a bullish flip is probably going given earlier market reactions to FOMC conferences.
Pepe worth
PEPE traded to lows of $0.00001163 on June 11, hitting the extent amid draw back strain throughout the market.
Whereas the worth of Pepe stays beneath a downtrend line fashioned after the rejection from round $0.000017 in late Might, at present’s bounce sees it commerce close to $0.000013.
This worth stage has Pepe up 8% previously 24 hours after paring a number of the early beneficial properties amid intense volatility throughout the meme coin market.
Nonetheless, PEPE appears poised for extra upside motion if patrons maintain the help space.
Bonk worth
Bonk (BONK) is the primary Solana-based dog-themed memecoin, which went parabolic in late 2023 to assist Solana break above the $200 stage.
In latest months, this token has lagged newly launched counterparts corresponding to dogwifhat (WIF). Nevertheless, Bonk stays a prime meme coin on Solana and is at present hovering alongside GME.
Value of Bonk is at present at $0.00002872, up 6% previously 24 hours. BONK soared to an all-time excessive of $0.00004547 in March this yr.
Whereas down 17% this previous week, at present’s bounce may spark a brand new surge.
