The meme coin sector took a hard hit in the latest market-wide correction, with Dogecoin (DOGE), Shiba Inu (SHIB), and many others posting daily losses.
MemeCore (M), though, defied the red wave, registering an impressive 25% price increase and reaching a 10-day high. One analyst says the price may soon break above a key psychological barrier, but certain factors suggest a short-term correction is also possible.
M Beats PEPE
Several hours ago, M exceeded $0.95 for the first time since October 12 before retracing to the current $0.91. Its market cap surged past $2 billion, making it the 51st-biggest cryptocurrency and fourth-largest in the meme coin niche. On its way up, M overtook the frog-themed PEPE, which boasts a capitalization of approximately $1.8 billion.
It remains unclear what triggered the revival, as a potential reason could be the announcement from MemeCore’s team. It was revealed on X that Meson Tunnel and Express are no longer available for MemeCore, with M liquidity having moved to LayerZero, which now handles all bridging.
“For USDC.e tokens bridged through Meson services, we’re working with the Meson team to migrate liquidity from the old USDC.e contract to Stargate’s,” the disclosure reads.
According to Crypto With Gopal, M could be on the verge of a further rally as it shows a strong bullish breakout after a prolonged downtrend. He claimed buyers have aggressively stepped in after the price soared past the $0.80 resistance zone.
“Holding above $0.85 could open the door toward $0.96 and potentially $1.00. Momentum is shifting in favor of the bulls, but sustained buying pressure is key to confirming the reversal,” he added.
Remain Cautious
Investors and traders who intend to deal with M may benefit from a potential price surge, but they should be aware that the token is mainly driven by speculation (rather than fundamentals), and as such, it is vulnerable to a serious decline as well.
Earlier this year, the meme coin crashed 76% in a single day, while blockchain investigator ZachXBT openly questioned its valuation and tokenomics.
Meanwhile, M’s Relative Strength Index (RSI) has exploded to 90, suggesting the price has risen too much too quickly and could be due for a short-term correction. The technical analysis tool runs from 0 to 100, where anything below 30 is usually interpreted as a buying opportunity.
The post MemeCore (M) Flips Pepe (PEPE) After Pumping 25% in a Day: Details appeared first on CryptoPotato.