"Meme Coins are the Next Big Thing After Bitcoin"...Dogecoin to Pepe Surge

▲ Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE)

As the meme coin market capitalization reaches its highest level in three months, attention is focusing on the potential for further increases in major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Pudgy Penguins (PENGU).

CoinGape reported on May 5 (local time) that the meme coin market capitalization increased to $37.87 billion, marking its highest level since late January. This is an increase of approximately $8 billion compared to April. As Bitcoin (BTC) touched $80,000, overall market sentiment improved, and the meme coin market sentiment index also rose to 50.

Dogecoin was cited as a leading asset driving the expansion of meme coin market capitalization. CoinGape reported that Dogecoin has risen by 12% over the past seven days and could reach around $0.12 if it rises by an additional 10%. Bullish signals also appeared in the derivatives market. According to CoinGlass, Dogecoin's open interest increased to $441 million. This is a significant increase compared to the $174 million level in February. The simultaneous rise in price and open interest indicates strengthening conviction among market participants.

Shiba Inu only rose by 2% on a weekly basis but is approaching a critical breakout zone on the charts. CoinGape analyzed that Shiba Inu needs to break past the $0.00000633 resistance level. This level is a key resistance in an ascending triangle structure, and if successfully breached, Shiba Inu's price could rise by approximately 20% to $0.00000759. The current Relative Strength Index (RSI) was mentioned as an indicator showing that buying pressure is reviving.

Pepe also joined the meme coin rebound trend. CoinGape reported an increase in Pepe's exchange outflows. Recently, $5.37 million worth of Pepe moved out of exchanges, marking the largest single daily withdrawal in the past two weeks. When assets move off exchanges, immediate selling pressure can decrease, which is interpreted as a positive short-term signal. However, CoinGape pointed out that Pepe also needs new buying interest for further gains.

Pudgy Penguins showed the most prominent trend among meme coins on this day. CoinGape reported that Pudgy Penguins rose by 11.66% in 24 hours, emerging as a top-performing asset among major meme coins. Notably, Pudgy Penguins was mentioned as a meme coin, besides Dogecoin and Pepe, that garnered institutional interest after Canary Capital's ETF application. Its current price is testing the 200-day exponential moving average (EMA) resistance, and if it breaks this level, there is potential for a further increase to $0.0134. However, with the Relative Strength Index (RSI) reaching 75, concerns about short-term overheating were also raised.

While the meme coin market is still outside the spotlight of mainstream assets, its market capitalization, derivatives indicators, and exchange outflow trends are rapidly changing. As Bitcoin's rise revived risk asset preference sentiment, Dogecoin is leveraging a surge in open interest, Shiba Inu is anticipating a triangle breakout, Pepe is seeing exchange outflows, and Pudgy Penguins is banking on ETF expectations and testing the 200-day exponential moving average as catalysts for their respective gains.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*