Meme Coins: Reasons Pepe Coin Outpacing Dogecoin, Shiba Inu In June

Crypto Market Rebounds, Meme Coins Take Center Stage

The cryptocurrency market is showing signs of recovery after facing sustained sell-off pressure last week. CoinGecko data indicates a 1.2% surge in the total market capitalization to $2.487 trillion, reflecting modest gains in crypto prices.

Meme Coins Outperform

Select meme coins are spearheading the recovery, with Pepe Coin experiencing a notable rebound. Pepe Coin has rallied 8.5% to $0.00001141 during US trading hours. The frog-themed meme coin boasts an impressive 8.5% increase in market cap to $4.8 billion, ranking #23 among all cryptocurrencies on CoinMarketCap. Its trading volume exceeds $1 billion, making it the 11th most traded digital asset in the past 24 hours.

Dogecoin and Shiba Inu Lag Behind

Unlike most altcoins, Dogecoin (DOGE) and Shiba Inu (SHIB) are lagging behind the overall market recovery. The largest meme coin, DOGE, has gained 2.5% to $0.1236, while SHIB has risen 1.8% to $0.00001822.

Dogecoin encountered resistance at $0.13 after bouncing off double-bottom support at $0.12, halting its upward momentum. The 20-day Exponential Moving Average (EMA) acted as a resistance barrier.

Technical indicators suggest that DOGE may retrace its recent gains and retest support at $0.12. If successful, it could strengthen the uptrend towards $0.2.

Shiba Inu is approaching the support of a descending triangle amidst a death cross pattern formed by the recent drop below the 50-day EMA by the 20-day EMA.

Despite the negative pattern, SHIB may bounce off support near $0.000018 and reclaim $0.000025. A breakout above the 200-day EMA resistance at $0.00001981 would confirm an uptrend. The RSI is oversold, supporting a near-term rebound.

Pepe Coin Leads Meme Coin Rally

Pepe Coin's strong performance is driving the meme coin recovery, suggesting that investors are seeking undervalued assets in the current market conditions.