Last week was an eventful one for memecoins in the cryptocurrency space. From price movements and community impacts to speculation around high-profile investors, memecoins saw no shortage of developments. Let's look back at some of the biggest stories surrounding memecoins over the past seven days.
One memecoin that attracted attention due to signs of a possible price rebound was Popcat. The Popcat token saw its value decline but on-chain metrics suggested further downside may be limited.
While Popcat's price fell, open interest in futures markets stayed elevated. Open interest refers to outstanding derivative contracts that have not been settled, and higher levels typically mean traders are actively positioning for future price movements. Popcat's open interest remained near its highest point in over a week despite the recent price drop.
In addition, Popcat's chart formations pointed to potential support around current price levels. The cryptocurrency was finding footing above a key support zone, and its relative strength index (RSI) - a momentum indicator - had dipped into oversold territory, a place bounces sometimes originate from.
Popcat's open interest resilience and technical picture suggested its rebound prospects looked stronger than some other memecoins battling downward momentum.
Another notable event was the precipitous decline in several memecoins sparked by activity from a major Floki holder. A wallet dormant for over two years emerged to deposit a mammoth 15.2 billion Floki tokens onto Binance.
Coming on the heels of drawdowns across crypto markets, the Floki whale sale exacerbated selling pressure. Within hours, Floki had crashed over 20% to its lowest price point since late August. Other memecoins followed suit, with Bonk, Popcat, and Mog Coin falling 10% or more amid the cascade.
Market data backed up the idea that the Floki transfer initiated or amplified a broader memecoin sell-off. According to the on-chain analytics tool Spotonchain, major Floki holders continued emptying their balances onto exchanges throughout the plunge. Outflows from both centralized and decentralized crypto exchanges swelled as tokens flooded trading platforms.
Floki's technicals also displayed signs of deterioration, led by the formation of a death cross between its 50-day and 200-day moving averages. This bearish signal warns that medium-term momentum may be shifting to the downside. With sellers in control and large supply hitting the market, the whale dump underscored meme coin's vulnerability to concentrated selling pressure.
While some memecoins dropped, at least one member of the sector was rocketing: Apes. The Apes token produced eye-popping weekly gains of over 1,000% at one point.
The cryptocurrency's meteoric rise coincided with ballooning trading volume but occurred without major news flow or developments. Such aimless, momentum-chasing buying is a red flag and not supported by real use cases or utility.
Perhaps most foreboding for Apes, its price action looked textbook "bubble-like". The token's rally drove its RSI deep into overbought territory above 90, where upside exhaustion often emerges. A descending channel formation on its four-hour chart also hinted at strengthening bearish pressures.
While parabolas can continue higher briefly, history suggests deep corrections usually follow. Memecoins prone to hype-driven buying frenzies generally endures painful crashes when speculative fervor fades.
The news wasn't all negative for memecoins last week, with at least one generating strong gains and interest. The DOGS token surged over 20% in a day thanks to revived momentum among its core backers.
DOGS is a memecoin launched by the founder of Telegram with a mission to embody the culture and spirit of that messaging platform. After listing on major exchanges like Binance, OKX, and Bybit, DOGS saw a heavy trading volume of $2.38 billion on the day of its 21% jump.
Analysts attributed DOGS's ascent predominantly to purchases from its so-called "Telegram OG" community members. These include early adopters of Telegram referred to as "Telegram's Original Gangsters." OGs form a passionate base allocated 73% of DOGS's overall supply via an initial airdrop distribution.
With the market continuously searching for the next standout community, DOGS showed how backing from a diehard user base can fuel tremendous price gains despite an otherwise risk-averse landscape. Its recent activity highlighted how engaged support can power memecoins higher against the grain of broader industry trends.
Another token generating massive volatility last week was Rock, which catapulted nearly 100% in a single day. Rock's epic ascent was attributed mainly to rumors that prominent crypto figure Justin Sun had invested in the project.
Sun is the founder of TRON and a major supporter of new blockchain initiatives and tokens. Merely the suggestion he backs Rock sent speculators rushing to accumulate the relatively obscure memecoin. Within hours, Rock achieved a market cap of over $3.3 million despite being largely unknown prior.
Whether Sun has any true involvement remains unconfirmed. Nonetheless, his prolific crypto investments and promotion of projects within his "SunPump" ecosystem have created palpable buzz whenever his name emerges. Even the prospect of backing from such an influential figure can trigger tremendous demand.
Of course, any rally ignited by unsubstantiated gossip tends to reverse violently if the fundamental claim proves untrue. But short-term traders still profit from such momentum moves. And these examples show how single claims can inflate interest and trading in otherwise obscure memecoins.
Table summarizing the top memecoins mentioned in the article
| Memecoin | Price 7-Day Change | Description |
| Popcat | -15% | Showed signs of stablizing after fall from highs |
| Floki | -17% | Major whale sale triggered crypto-wide memecoin dump |
| Apes | +1000% | Parabolic gains raised concers of impreding correction |
| DOGS | +21% | Surged as the Telegram community drove renewed momentum |
| Rock | +100% | Skyrocketed on speculation around Justin Sun backing |
Memecoins continued generating headlines through both explosive gains and precipitous drops last week. Major narratives included large holders roiling markets, communities powering breakouts, and speculation fueling parabolic moves higher or lower. The sector remained a hotbed of volatility driven by fleeting sentiments over fundamentals.
Disclaimer
The information on Coinsniper is user-generated and not verified. Coinsniper does not provide financial advice or facilitate transactions.
Also note that the cryptocurrencies listed on this website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments.
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