BONK And PEPE Prices Pump, But RSI And Whales Spell Trouble; Galaxy Fox Meme Coin Presale Cashing In

Meme coins are arguably the hottest story in the crypto market besides Bitcoin right now. While Bitcoin traded as high as $64k yesterday before pulling back to around $60k, popular meme coins look “unstoppable” as DOGE surged 35% in the last 24 hours. However, two smaller meme coins in terms of market cap – BONK and PEPE – have absolutely exploded, surging 200% and 100% respectively just this week.

At the same time, a new meme coin called Galaxy Fox, currently in its ICO phase, looks to capitalize on the current meme coin hype as it approaches 3 million tokens sold in its presale event.

Get Started

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Get Started

Disclosure: 82% of retail CFD accounts lose money

PEPE Price Analysis

PEPE is the best performing meme coin over the past week. Its price has skyrocketed from $0.0000011 to $0.0000031 since February 23rd based on Coinmarketcap data – a nearly 3x increase.

According to data from Coinglass, the Open Interest-Weighted Funding Rate for PEPE also surged from 0.0169% to 0.12% before retracing to 0.06%. This upswing suggests growing willingness among traders to pay more to hold long positions, hoping for further bullish price action. Also contributing to the price surge, over $6 million worth of short positions were liquidated in the last 24 hours. At the same time, PEPE’s trading volume exploded 50% in the last day.

With its parabolic run, PEPE now sits just shy of its all-time high around $0.0000035 set in the first part of 2023. If positive momentum continues at this pace, PEPE could break through its ATH in the coming days.

However, one potential problem is traders rotating into “profit-taking” mode soon. According to on-chain analytics firm Spot On Chain, whale wallet 0x37a recently deposited 1.97 trillion PEPE tokens worth $6.06 million to Binance after accumulating the position for an average price of just $0.000001310 from June to December 2023. If this whale fully sells their stack at current prices, they would net an estimated $3.47 million profit – a 135% return.

This could be an indicator of impending selling pressure from other early investors also looking to take profits. As a sign of traders’ wariness at these elevated prices, PEPE’s daily relative strength index (RSI) now exceeds 70. RSI above 70 often precedes crypto price pullbacks as it signals overbought conditions.

BONK Price Explosion

Like PEPE, BONK has also caught fire recently – its price exploded 65% over the past 24 hours to trade around $0.0000226 at press time. This leaves BONK just shy of revisiting its all-time high around $0.0000245 set in December last year.

In fact, BONK’s surge was strong enough that its market capitalization now stands taller than PEPE at $1.4 billion. However, similar to PEPE, BONK’s daily RSI has also crossed above 70. This signals overbought conditions in the short-term that could foreshadow a cooldown in BONK’s vertical ascent.

For reference, the relative strength index (RSI) is a momentum indicator that measures the speed and magnitude of recent price movements to determine overbought or oversold conditions. RSI above 70 often precedes pullbacks as it indicates prices advanced too far, too fast.

Galaxy Fox Presale Gaining Steam

Moving on to Galaxy Fox, we can see that this new project is currently in the final stages of its presale phase. Currently in stage 8, Galaxy Fox has sold over 2.8 million tokens at $0.002178 thus far, raising over $3.7 million. This strong demand highlights genuine interest from crypto investors seeking exposure to what could be the next hot GameFi meme coin.

Blending popular meme culture and play-to-earn gaming, Galaxy Fox rewards token holders through staking rewards, play-to-earn game earnings, and more. For example, Galaxy Fox holders can earn GFOX tokens playing the project's endless runner metaverse game based on their in-game aptitude.

Galaxy Fox also offers NFT integrations. According to its whitepaper, 3,000 NFTs will drop during the current presale, allowing holders to mint NFTs from Galaxy Fox’s website and trade them on OpenSea.

While ambitious with its gaming and metaverse vision, Galaxy Fox also boasts clever tokenomics to reward users. For instance, 2% of all transaction fees feed into its "Stargate" fund designed to bankroll community initiatives and marketing campaigns.

As Galaxy Fox’s presale enters its final stage, GFOX tokens are eyeing a listing price around $0.0024 – 10% above current presale pricing. With meme and gaming crypto sectors still running red-hot, Galaxy Fox shapes up as an intriguing speculative bet for risk-tolerant crypto investors.

Conclusion

So, the meme coin sector shows no signs of cooling off anytime soon as evidenced by the parabolic runs in PEPE, BONK and early traction for new project Galaxy Fox. However, overheated price action and technical indicators do foreshadow potential near-term pullbacks and consolidation.

Nevertheless, the staying power of meme coins continues surprising even the most skeptical crypto observers. With gaming applications adding even more utility, projects like Galaxy Fox that blend these themes alongside the meme coin phenomenon could be potentially attractive to the high-risk tolerance corners of the crypto community.

Learn more about Galaxy Fox ($GFOX) here:

Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter 

This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.