• PEPE and BONK have seen vital beneficial properties over the previous 24 hours, seemingly defying this outlook.
• Distinguished crypto analyst Michael van de Poppe believes {that a} crypto rally is probably going amid a number of macroeconomic occasions this week.

Pepe (PEPE) and Bonk (BONK) are main the highest meme coin gainers at present as Dogecoin and Shiba Inu battle throughout the cryptocurrency market.

Bitcoin's sharp drop on Tuesday, coupled with declines in Ethereum, Solana and different altcoins, brought about promoting stress to spill over into meme cash.

Analyst on cryptocurrency market outlook

In response to crypto analyst Michael van de Poppe, BTC and altcoins are affected by downward stress however “could have hit backside” with a number of macroeconomic occasions scheduled for this week.

This consists of anticipated CPI releases, FOMC conferences, and Federal Reserve rate of interest choices – occasions that may have a noticeable affect available on the market as a complete.

“Expectations of such occasions are normally negatively associated to cost volatility within the crypto markets, particularly altcoins, which is why the market is trending downwards. On high of that, final week's Roaring Kitty occasion and GameStop correction didn’t have a constructive affect on worth volatility,” he posted on X.

Van de Poppe stated a bullish flip is probably going given the market's response to the FOMC conferences to date.

Pepe's Value

PEPE traded at a low of $0.00001163 on June 11, reaching this degree amidst market-wide downward stress.

Pepe worth stays beneath the descending pattern line that fashioned after a rejection from round $0.000017 in late Might, however at present's bounce has it buying and selling close to $0.000013.

At this worth degree, Pepe has risen 8% over the previous 24 hours after dropping a few of its preliminary beneficial properties amidst wild fluctuations throughout the meme coin market.

Nonetheless, evidently PEPE may transfer greater if consumers maintain the help space.

Bonk Value

Bonk (BONK) was the primary Solana-based dog-themed meme coin and has surged in late 2023, serving to Solana surpass the $200 degree.

The token has lagged behind newly launched counterparts corresponding to dogwifhat (WIF) in latest months, however Bonk stays the highest meme coin on Solana and is presently surging alongside GME.

Bonk's worth is presently at $0.00002872, up 6% up to now 24 hours. BONK skyrocketed to an all-time excessive of $0.00004547 in March of this yr.

It fell 17% final week, however at present's bounce may spark a brand new surge.