Very good news for Pepe, Book of Meme, and Dogwifhat tokens

Cryptocurrency prices continued their strong rebound on Monday as investors reflected on the recent Bitcoin conference in Nashville. Bitcoin roared back above $70,000 for the first time since June 7th. 

Most meme coins and altcoins also bounced back on Monday. Book of Meme (BOME), a new Solana meme coin, rose to $0.010, its highest point since June 28. Its highest point was over 65% above its lowest point this month. 

Pepe, a meme coin launched in 2023, has also risen to $0.000012, higher than this month’s low of $0.0000076. This rally happened in a high-volume environment, meaning that the uptrend could continue.

Meanwhile, Dogwifhat (WIF) rose to $2.50. Some of the other top-performing tokens were AIOZ Network, Bitcoin SV, Bitcoin Cash, and Brett. Here are some good news that could push the tokens higher.

Bitcoin rose above a key resistance point

The first good news that could help to push the Pepe, Book of Meme, and Dogwifhat tokens higher is Nitcoin’s price action. As shown below, Bitcoin did two important things on Monday. 

First, it moved above the upper side of the broadening wedge chart pattern, a popular bullish sign. In most cases, this pattern leads to a strong bullish breakout. Since this pattern happened after Bitcoin rose, earlier this year, it can also be classified as a Bullish flag pattern.

Bitcoin price chart

Second, Bitcoin retested the crucial resistance point at $70,000 for the first time since June. This is an important psychological level that could point to more upside.

Besides, more data shows that Bitcoin’s open interest in the futures market jumped to a record high of over $38 billion. This is a strong comeback for an asset whose open interest dropped to $27 billion on July 8. A higher interest is a positive sign that an asset has more demand and that the price will continue rising. 

Bitcoin futures open interest

Bitcoin is an important denominator for altcoins because they do well when Bitcoin is in a strong uptrend. For example, most of them jumped to a record high in March as Bitcoin soared to its all-time high.

Solana is also thriving

The other important news for meme coins like Dogwifhat and Book of Meme is that Solana price is doing well. Solana token soared to a high of $194.30 on Monday, its highest level since April 1st this year. It has soared by more than 60% from its lowest point this month. 

Solana’s on-chain metrics are doing well as the DeFi assets and the fees made by the network continued soaring. It made over $2 million in fees in the past 24 hours, according to DeFi Llama.

Solana is an important blockchain because it has become the go-to network for meme coin developers who love it for its quick speeds and low transaction costs. 

Solana DeFi TVL is rising

Meme coin open interest is rising

Meanwhile, data by CoinGlass shows that open interest in the futures market is rising. Pepe’s open interest rose to $131 million on Monday, up from the year-to-date low of $83,000.

Also, Dogwifhat open interest rose to $316 million while Book of Meme’s rose to $113 million, its highest point since June 7. It has risen from the month-to-date low of almost $50 million. 

The same trend is happening in the spot market where their volume has also risen. Pepe’s daily volume stood at over $830 million while Dogwifhat and Book of Meme had $375 million and$425 million, respectively. These numbers mean that there is a strong demand for these meme coins, which have outperformed Bitcoin this year. 

BOME open interest chart by CoinGlass

Fear and greed index is rising

Meme coins like Book of Meme, Pepe, and WIF tokens rose because of the ongoing greed in the market. Data shows that the fear and greed index rose to the greed zone of 63 on Monday, its highest point in over a week. In most cases, these tokens do well when there is fear in the market.

This trend happened after last weekend’s Bitcoin event in Nashville where Donald Trump, Robert Kennedy, and other leaders talked about the coin. Donald Trump said that he was highly bullish on Bitcoin and that he would champion the creation of a Bitcoin fund. 

Michael Saylor, the head of MicroStrategy, noted that Bitcoin would rise to over $13 million in the future. If this happens, then it means that his company’s holdings will be worth over $2.86 trillion. 

Looking ahead, the next key catalyst to watch will be the upcoming Federal Reserve decision. If the bank does what analysts expect, it will be another bullish sign for Bitcoin and other meme coins. 

Economists believe that the Fed will decide to leave interest rates unchanged and then point to a cut in its September meeting.

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