Memecoins Surge 9.2% as Trump Endorsement Boosts Market

Memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have shown remarkable performance this week, outperforming Bitcoin (BTC). This surge is largely attributed to the supportive statements made by former U.S. President Donald Trump, who reiterated his backing for the $TRUMP meme token. Trump's endorsement has reignited investor confidence in the memecoin market, which had previously faced reputational setbacks due to incidents like the Libra memecoin rug pull.

Bitcoin's price has been stagnant, failing to breach the $90,000 resistance level. This stagnation has led investors to shift their capital towards alternative assets, including memecoins. As a result, the total market capitalization of memecoins has surged by 9.2%, surpassing the $62.5 billion mark. Among the top performers, DOGE, SHIB, and PEPE are leading the charge, with significant gains in their prices.

Dogecoin, currently trading at $0.20, has recorded an 8.6% gain in the last 24 hours, pushing its market capitalization above the $30 billion mark. The Bollinger Bands indicate that the price is approaching the upper boundary at $0.197, reinforcing bullish momentum. A breakout above this level could push DOGE toward the $0.22 psychological resistance. However, caution remains as a rejection at $0.197 could trigger a pullback.

Shiba Inu, trading at $0.00001458, has registered a 5.35% gain in the past 24 hours. The MACD indicator signals a bullish crossover, with the MACD line trending above the signal line, reinforcing upside potential. If bullish momentum persists, SHIB could extend gains toward $0.000016. However, failure to break above $0.00001506 could lead to a correction, with immediate support near $0.00001328.

Pepe, trading at $0.00000859, has reflected a 7.24% daily gain and an impressive 32.10% surge over the past three days. The Directional Movement Index (DMI) confirms strength in the uptrend, with the +DI surging above the -DI, signaling growing buyer control. If bullish momentum continues, PEPE could rally toward the psychological $0.000010 mark. However, if PEPE faces rejection at $0.000009, a pullback to $0.000007 is possible.

In summary, while top-ranked assets like BTC, ETH, XRP, and SOL are witnessing intense profit-taking, memecoins have rallied by 9.2% as the sector valuation grew by $6 billion to $62 billion within the last 24 hours. This sharp rally in memecoins indicates a shift in investor sentiment, fueled by the recent Fed rate pause and renewed confidence in riskier assets. However, whether this bullish momentum can be sustained remains uncertain. If Bitcoin continues to stagnate, it could dampen broader market sentiment and potentially trigger a correction in the days ahead.