On April 27th, meme coins, much like most other cryptocurrencies, experienced price corrections. Pepe (PEPE) and Floki Inu (FLOKI) were no exceptions, as their values also took a sharp downturn.
Despite the initial decline, there were positive developments as these meme coins displayed signs of recovery. This resurgence could potentially enable them to recoup the value they had lost.
FLOKI and PEPE Down 11% and 12%
A prominent crypto influencer, YourPOP, took to X to share insights on the top losers among meme coins on April 27th. Both FLOKI and PEPE were featured on the list, experiencing respective value declines of 11% and 12%.
This downward trend also had adverse effects on the social metrics of these meme coins. According to AMBCrypto's analysis of Santiment's data, PEPE's Weighted Sentiment witnessed a decrease.
Source: Santiment
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Moreover, FLOKI's Weighted Sentiment remained in the negative territory, indicating prevailing bearish sentiment surrounding the token in the market.
Recent Momentum for FLOKI and PEPE
In a favorable development for investors, both FLOKI and PEPE saw their price charts turn green in the last few hours. According to CoinMarketCap, FLOKI's price was observed to have moved up by more than 2%.
At the time of writing, it was noted that FLOKI was being traded at $0.0001787, with a market capitalization of over $1.7 billion. Subsequently, FLOKI's daily chart was examined to ascertain its trajectory.
Upon analysis, a downtick was observed in its Money Flow Index (MFI), with a similar trend being followed by its Chaikin Money Flow (CMF).
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Source: AMBCrypto on TradingView
These indicators suggested that the uptrend experienced by FLOKI might not be sustained. Nonetheless, a bullish upper hand was displayed in the market by the MACD.
PEPE's Bullish Run and What It Means for Investors
While FLOKI saw a bullish turn, PEPE surged even further ahead with its price increasing by more than 8% in the last 24 hours.
At the time of writing, the meme coin was observed to be trading at $0.000007686, boasting a market capitalization exceeding $3.2 billion, positioning it as the 37th largest crypto.
Data from IntoTheBlock revealed that, at press time, over 72% of PEPE investors were in profit. Additionally, AMBCrypto's findings indicated an uptick in buying pressure on PEPE over the past few days.
This trend was reflected in the decrease in PEPE's supply on exchanges alongside an increase in its supply outside of exchanges.
Source: Santiment
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In the market, the technical indicator MACD displayed a bullish advantage, while the meme coin's Relative Strength Index (RSI) also showed an uptick, suggesting a potential continuation of the price increase in the days ahead.
Source: AMBCrypto on TradingView
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At press time, the RSI was recorded at 57.4. However, similar to FLOKI, PEPE's Money Flow Index (MFI) also experienced a slight downtick, signaling potential challenges ahead and the possibility of the bull rally for PEPE coming to an end.
See more: Cryptocurrency Prices and Market Cap
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