Meme coins are out of the spotlight, but the numbers are starting to stand out. The market cap is rising, and it is now at a point that was last seen on January 26. And DOGE, SHIB, PEPE and PENGU price are doing quite well. But does it mean more gains are coming?
Meme Coins Market Cap Spikes as Sentiment Shifts
Bitcoin has been making a slow but steady climb, and it just touched $80,000. And this is good because others might follow suit.
According to CoinMarketCap, meme coins now sit at $37.87 billion. That is the highest level since late January and a jump of about $8 billion from April. It is a quick shift for meme coins, especially considering how quiet things were just weeks ago.
Sentiment climbed to 50 showing a change in how people see the market now compared to how they saw it some weeks back.
DOGE Price Outlook as Open Interest Soars
DOGE has played a role in taking the meme coins market cap up because the price has gained by 12% in just seven days. On top of this, a recent CoinGape Dogecoin price analysis said that it might just make another 10% move that could take it to $0.12.
But that is not all, because on Coinglass, another bullish sign has come up, and that is the open interest. The OI has climbed to $441 million, which is a big leap considering it was at $174 in February.
The OI jump, and the price increase happened at the same time, which is good because it shows there is conviction in one of the top meme coins.
SHIB Price Eyes Triangle Breakout
ShIB price may have moved up by 2% in one week, but this does not mean it is out of the woods. There are several things going on with its daily chart, showing that bulls have a lot to do if they want to have a good grip.
There is a hurdle at $0.00000633 that SHIB needs to get past. And this is not all, because this obstacle is also what creates a rising triangle. That means that going past $0.00000633 might push SHIB price up by 20% to $0.00000759.
But meme coins only gain when there is a lot of buying and that is what the current RSI reading is showing. This might be behind a bullish long-term Shiba Inu price prediction.
PEPE Price Surges Amid Spot Outflows
PEPE is also not being left behind as other meme coins go up. And Bitcoin is not the only thing assisting the gain because spot outflows are going up.
There was $5.37 million PEPE that left exchanges, and this was the highest single-day withdrawal in two weeks.
This is good because it means there might be less selling pressure. But it does not mean PEPE price is out of the woods because, just like other meme coins, PEPE needs buyers to go up. But Canary’s PEPE ETF filing might end up being a good catalyst
PENGU Price Leads Meme Coins Gains
PENGU is the outlier among meme coins today, May 5, because the price has jumped by 11.66% to trade at $0.0111. It is in a good position because it is the only meme coin other than Dogecoin and PEPE that has gotten interest from institutions after Canary Capital’s PENGU ETF filing.
Because of its gains, PENGU price is now at the 200-day EMA, where it is testing if that resistance can give way to even more gains. If it does move above here, it will be a good sign that the gains might get to $0.0134.
But the RSI might cause some hesitation because at 75, it is showing PENGU might just be overbought. This is what might cause the price to slip, but if meme coins continue to go higher, it might continue rising even with the high RSI.
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