MemeCore Surges 830% as Bitcoin Breaks $111k Resistance

This week in the crypto market saw significant price movements, with MemeCore [M], Stellar [XLM], and Mog Coin [MOG] leading the gains, while Jito [JTO], Tokenize Xchange [TKX], and Maple Finance [SYRUP] experienced notable declines.

MemeCore [M], a Layer 1 blockchain dedicated to memecoins, surged by over 830% from its opening price of $0.09. The cryptocurrency's momentum was fueled by the broader market's bullish sentiment, particularly as Bitcoin [BTC] broke past its $111k resistance. MemeCore's price peaked at $1 before experiencing a sharp pullback, which wiped out nearly 32% of its weekly gains. Despite the pullback, MemeCore has since stabilized around $0.65, although momentum appears to be cooling off.

Stellar [XLM], a peer-to-peer blockchain, posted an 80% gain for the week, marking its strongest rebound since the early Q1 rally. The cryptocurrency had spent most of Q2 printing lower lows but quickly flipped with a 4.45% move, pushing its price back to the $0.45 zone. The technical indicators suggest that a breakout above $0.50 is possible if momentum holds.

Mog Coin [MOG], a memecoin, closed the week with a strong 78% rally, making it the third-best performer. The broader memecoin sector was up 22%, but MOG clearly stood out with a six-month high at $0.0000017. The cryptocurrency experienced a short squeeze, leading to a 10.10% bounce the next day. However, a 50% drop in volume suggests a short-term cooldown may be underway.

On the losing side, Jito [JTO], a Solana-based liquidity protocol, ended the week down around 3% from its $1.90 open. Despite the red close, JTO spent the past few days consolidating between $1.70 and $1.95, which could be a sign of accumulation. If bulls can hold this range and flip $2.00, JTO could be setting up for a cleaner Q3 reversal with strong upside potential.

Tokenize Xchange [TKX], a trading platform token, topped the losers this week, dropping to a five-year low of $1. The slide followed TKX’s late-May breakdown, where it lost the key $25 support. However, with RSI sitting deep in oversold territory, TKX posted a strong rebound late in the week, jumping 6.49% intraday. If this bounce holds, a recovery could be in play.

Maple Finance [SYRUP], a DeFi platform, came in third among weekly losers, extending its downtrend after peaking near $0.63 in late June. Despite a brief late-week rebound attempt last week, the bulls couldn’t keep the momentum alive. SYRUP kicked off this week with a sharp 7.59% drop, breaking below the $0.58 support zone. The price has since consolidated around $0.50, but so far, there’s not enough strength behind the bounce.

In conclusion, the crypto market experienced significant volatility this week, with some cryptocurrencies posting staggering gains while others saw notable declines. As always, traders should stay alert and do their own research to navigate the market's ups and downs.