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$65,337.00 3.47917
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$65,337.00 3.47917
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$3,493.21 2.92056
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BNB
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$581.77 2.58208
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Solana
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$162.84 4.71202
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XRP
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$0.6127070 12.6292
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Shiba Inu
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$0.0000194 2.02021
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Pepe
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$0.0000121 2.18312
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Bonk
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$0.0000284 8.78738
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$65,337.00 3.47917
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BNB
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Shiba Inu
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Pepe
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$0.0000121 2.18312
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Bonk
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Bitcoin
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Ethereum
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$3,493.21 2.92056
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BNB
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$581.77 2.58208
BNB price
Solana
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$162.84 4.71202
Solana price
XRP
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$0.6127070 12.6292
XRP price
Shiba Inu
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$0.0000194 2.02021
Shiba Inu price
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$0.0000121 2.18312
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Bonk
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$0.0000284 8.78738
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Memecoin rallies 28% to new all-time high amid surging interest

memecoin-rallies-28-to-new-all-time-high-amid-surging-interest
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Markets
Memecoin rallies 28% to new all-time high amid surging interest

Memecoin (MEME), a recently launched crypto meme project, rallied by over 28% in less than five hours to a new all-time high of $0.03760 amid a resurgence of investor interest.

The token’s recent upsurge comes at a time when the broader crypto market is witnessing a correction from the recent uptrend. Notably, the global crypto market cap dropped 2% since hitting a local high of $1.472 trillion on Nov. 10, losing over $32 billion.

Memecoin rallies 28% to new all-time high amid surging interest - 1
MEME price on Nov. 14 | Source: Santiment

While Bitcoin (BTC) and Ethereum (ETH) have faced roadblocks to their rallies, MEME bucks the trend. The asset’s bullish run gained momentum yesterday following a sluggishly upward price movement sandwiched between a resistance point at $0.02367 and a support line at $0.01836.

Despite the lack of support from the broader market, MEME broke above the $0.02367 resistance yesterday, spiking to a new all-time high of $0.03566 as the day ended. However, the token met resistance at this point, resulting in a drop to $0.02938 earlier today.

This correction lacked momentum, as the bulls swiftly invalidated it. Recovery from the asset led to another massive spike, as it skyrocketed from the $0.02938 low to another all-time high of $0.03760, representing a 27.9% increase in less than five hours.

MEME sees growing interest 

The latest upsurge is the second wave of price spikes engineered by the project less than a month after its launch. Interestingly, MEME witnessed a similar rally shortly after inception due to increased demand. However, this rally soon faded, with a noticeable 13% crash.

The project is now recording a comeback, buoyed by a resurgence of investor interest and rising buying pressure. This growing interest is observed in the asset’s 24-hour trade volume, which has skyrocketed by a massive 401% to $1.3 billion.

Launched as a project with no clear roadmap and utility, MEME’s rallies are mostly triggered by market speculation. Despite reduced momentum, the asset maintained a 28.4% increase over the past 24 hours, currently trading for $0.03587. Its market cap has surged to $262 million, making it the 159th largest crypto asset.