Bitcoin's $60K hold sparks a memecoin frenzy led by PEPE's 29% surge
Cryptocurrency markets have seen a notable shift in momentum after Bitcoin (BTC) stabilised above $60,000. The rebound triggered a surge in memecoins and a recovery in AI and gaming tokens, signalling renewed risk appetite. Among the standout performers, PEPE emerged as a key driver of the rally, reflecting broader changes in trader sentiment.
The market's structure began to change once Bitcoin (BTC) found support at $60,000. This stabilisation sparked a wave of buying in high-beta assets, particularly memecoins, which had struggled in previous weeks. PEPE, trading at $0.00000493, led the charge with a 29.3% price jump and a 283% spike in daily volume, reaching $1.07 billion. Earlier data showed a 46.11% volume increase to over $914 million on February 6, despite a 17.66% price drop the prior week.
Open interest in PEPE expanded steadily, pointing to cautious optimism among traders. Whale accumulation and rising creator activity reinforced retail engagement, fuelling expectations of further gains. The broader memecoin sector followed suit, with its index climbing 28% from recent lows.
Meanwhile, Layer-1 blockchains lagged behind, weighed down by diluted narratives and heavy supply overhangs. This suggested weaker institutional confidence in comparison to the speculative fervour driving memecoins. The rebound in high-beta tokens appeared more tied to momentum and social media buzz than underlying fundamentals.
The sustainability of this rally hinges on whether trading volumes remain strong. A drop in turnover could signal that the momentum is fading, leading to a potential pullback. For now, memecoins like PEPE continue to dominate, reflecting the market's renewed appetite for riskier assets.
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