Top Crypto Gainers on 27 February – PEPE and THETA
Many crypto coins are performing well today, and PEPE, THETA, SMOG, and MEME KOMBAT are among them. These coins are recording significant increments in market value, trading volume, adoption, milestones, and many other aspects.
PEPE, the deflationary Ethereum-based memecoin, is recording a daily increase of 49.88% in price, 353.56% in trading volume, and 49.86% in market cap. Also, THETA is 58.12% up, with a remarkable 537.33% increase in trading volume and a 50.45% surge in market cap.
While these coins are bullish, the big questions remain: what are the variables behind these surges? Can they maintain the up-move?
One of the factors behind the rise in price for the top gainers today is the surge of the broad crypto market cap and trading volume, up by 7.70% and 110.81%, to stand at $2.13 trillion and $111.39 billion, respectively.
Pepecoin's Value Surges Amid Listing Announcement
The Ethereum-based crypto, Pepecoin (PEPE), famous for its Pepe the Frog theme, has its price up by over 52%. It's trading at $0.000002159,catching the eyes of traders and analysts with such impressive performance.
Apart from the price, its trading volume increased significantly by 353.53%, reaching over $876.1 million.
This increased activity has boosted Pepecoin's market value by 52.32%, now at $907.7 million. Surprisingly, it has exceeded the predictions of even experienced analysts.
In January, an analyst, Ali, stated that the coin could break out of a specific price range to reach $0.0000016 or $0.0000019.
Its current surge has gone beyond those expectations. A significant milestone that could be responsible is Pepecoin's recent listing on one of the oldest and most regulated crypto exchanges, Bitstamp.
New listings alert!
We're welcoming $LMWR, $PEPE and $BLUR.
LMWR empowers content creators, PEPE adds fun to crypto, and BLUR brings novelty to the NFTs.
Trade now: https://t.co/daPsgFXEBq#LMWR #PEPE #BLUR pic.twitter.com/4dZ9qmbCla
- Bitstamp (@Bitstamp) February 13, 2024
Being listed on such a reputable exchange increases PEPE's ability to be bought and sold quickly and exposes it to a broader audience of potential investors. Combining these factors, the coin is bullish and poised for more gains in the coming days. However, what can we expect?
PEPE Breaks Market Structure to the Upside - Will A Price Correction Occur?
In the chart above, PEPE recorded a Change of Character (CHoCH) in the last month, a halt from its previous down market trend. As a result, buyers are set for BUY trades to ride on the expected uptrend. Again, it has formed a Break of Structure (BoS) in the past week.
As such, it's poised for a new series of higher highs and higher lows. Furthermore, PEPE has formed four consecutive green candlesticks, which hints at the increased buying pressure with expectancy for massive returns on investments for investors.
Also, the Relative Strength Index (RSI) is 87.69 in the overbought zone (above 70).
This shows heightened bullish momentum supporting the coin's price. Combining all these indicators, PEPE is bullish and set for new highs in the coming days. However, given the diverging Bollinger Bands, the coin's volatility is increasing.
As such, traders and investors should adopt adequate risk management practices to make the most of their decisions amid price corrections in the long run.
Theta Network (THETA) - Spikes 58% Following BTC Uptrend
Theta Network (THETA) is the biggest winner among the top 100 cryptocurrencies in the last day, shooting up by a massive 58%.Notably, it's riding the bullish wave of the crypto market and Bitcoin, which has climbed back to $56,000.
Although before Bitcoin's recent rise, THETA's historical trend was growing steadily, it has gained more in the short term. The coin hit a low of $0.934 on February 6, bounced, and reached parity with the US dollar two days later.
Nevertheless, it kept ascending, reaching a high of $1.338 on February 18.
As with every crypto asset, THETA's high level brought strong resistance, causing the price to drop and stabilize between $1.121 and $1.3. However, with Bitcoin's recent surge, THETA broke through and is poised for higher prices. It reached $1.816, surpassing resistance levels at $1.555 and $1.662 in one go.
As of February 26, THETA's price shot up by 29.64%, outperforming Bitcoin and other cryptocurrencies.Today, it exceeded $2, hitting $2.320, which marks a 138% increase from the beginning of the month.
Despite crucial resistance at $2.320, it has retained its recent gains and is up by 58.7% in the last 24 hours. Due to this surge, many buyers have entered, and thus, THETA's trading volume grew to $629 million within 24 hours.
As such, many short positions in the derivatives market have been liquidated due to this surge. Over the last 24 hours, the liquidations on THETA's derivatives positions have reached $4.62 million, with short positions accounting for $3.27 million.
Theta EdgeCloud Phase 1 is coming in Q2! Check out the preview blog on how Theta EdgeCloud is ushering in a new era of AI Computing:https://t.co/kNMYib48RJ
- Theta Network (@Theta_Network) February 26, 2024
Currently, the coin is trading at $2.26, aiming to climb above the $2.317 level. Can such a rally occur? Notably, Theta EdgeCloud Phase 1 will launch in Q2 of 2024 and usher in a new era of AI computing.
This development is likely to attract more investors to the ecosystem.
THETA Surges Above Dynamic Bollinger Band Resistance - Will Price Correct or Continue Upward?
THETA has formed a green candle stick today, which reflects the increased buying pressure in the market following Bitcoin's rally and the overall market's positive moves.
As a result, the coin's price has pushed above the dynamic resistance level provided by the upper Bollinger band.
Additionally, the RSI is at 87.79 in the overbought zone (above 70), hinting at the coin's bullish momentum in the long run. Thus, it could record more gains before today ends.
While the coin is set for an uptrend, traders should look for an upcoming price correction, considering that the Bollinger bands are diverging and the RSI is moving sideways.
For this reason, strategic trade setups and appropriate risk management practices should be in place when making investment decisions for THETA.
Smog (SMOG) - The Greatest Solana Airdrop of All Time
SMOG is an exciting memecoin currently hosting the greatest Solana airdrop ever. The goal is to reward users across several platforms, a unique concept.
For instance, $1,500 worth of $SMOG tokens were airdropped to $BONK holders earlier today.
SMOG has over 28.78 thousand unique holders and has risen to a $40.56 million Market Cap value shortly after its launch. Users are expected to complete tasks to quality for the airdrop, with over 600,000 quests completed.
Also, buying and holding SMOG tokens is part of the requirements to qualify for the airdrop event.
SMOG was launched on Solana but is also available on the Ethereum blockchain, enabling it to reach a wider audience.Also, staking is supported in the Smog ecosystem for additional rewards based on the current APY.
Facts You Must Know About Smog TokenOne vital point that will likely aid SMOG's value in the long run is the limited supply of tokens. With just 1.4 billion tokens available, scarcity will likely increase its value compared to other meme coins, with token supply in trillions.
Also, 35% of these tokens will be distributed as airdrop rewards, while 50% will go for marketing efforts.
The goal is to exceed 100,000 holders quickly and continue rolling out rewards to the community. So, SMOG will likely remain relevant in the long term based on staking activities and its community strength.
However, we encourage all investors to conduct proper research and manage risk exposure while investing in meme coins or other cryptocurrencies.
Meme Kombat (MK) - The Battleground for Massive Rewards
Meme Kombat has broken several records exceeding the $10 million mark in its presale. With a few days left to launch and list, the 1$MK token is worth $0.279.
Remarkably, Meme Kombat embodies the fighting spirit of the crypto community with a fun side and interesting combat modes.
PrOver1.76 million MK tokens have been staked, confirming massive interest from the community in the MK presale.
MK Presale Officially Sold OutMeme Kombat's presale officially sold out on February 20 after crossing the $10 million milestone.However, investors have a few days to buy the tokens before the official listing and trading begins.
Meme Kombat is hosting a 600 USDT giveaway event to celebrate this feat, where three top contestants will split the prize money.
Did you know that we're currently running a Zealy Sprint where we will be splitting 600 USDT between 3 of our top contestants?
No? Well now you do.
Check it out: https://t.co/smDCglUEQp pic.twitter.com/fXgNNCtiDI
- Meme Kombat (@Meme_Kombat) February 26, 2024
So, users participating in the contest must complete specific tasks on Zealy.io to qualify. Also, there is an ongoing $50 contest to guess the Meme Kombat character from a blurred picture for a chance to win.
These contests aim to give back to the community for their unwavering support, with over 10,000 followers on Telegram and 19.5 thousand followers on X.
According to the roadmap, the platform launch for Meme Kombat comes after the presale within the first quarter of 2024. This launch will give users access to battles and wagering and boost the value of $MK tokens based on the extra utility.
While $MK looks promising as its launch date approaches, we advise investors to carefully research the project before making decisions.
Final ThoughtsThe crypto market has entered its most bullish phase since the turn of the year, with Bitcoin approaching the $60,00 mark.Also, Altcoins has posted impressive gains based on strong community support and favorable market conditions.
If BTC breaks above $60,000, a bull run will begin in 2024. As the Bitcoin Halving approaches, the coming weeks will be crucial to the price action for the rest of the year. However, investors should manage risks appropriately, given the volatile nature of the crypto market.
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