The memecoin market is experiencing a surge, with PEIPEI, MOG, NOT, and BIAO leading today. As usual, Bitcoin continues to influence the entire cryptocurrency market. After dropping to $55,000, it has made a remarkable recovery and is trading just below $59,000 at the time of writing.
The movements of the leading cryptocurrency often have a widespread impact. When Bitcoin’s value increases, meme coins usually follow suit. Additionally, the Crypto Fear & Greed Index currently stands at 40, indicating fear in the market.
Although market sentiment is negative, it’s not at an extreme level. Some investors view this as an opportunity to buy and anticipate a recovery when sentiment shifts towards a more neutral or positive stance. During times of fear in the market, savvy investors choose to re-enter the market.
Ultimately, these two factors are driving the current meme coin surge.
Biaoqing, Notcoin, PeiPei, and Mog Coin lead market gainers
Biaoqing (BIAO) is currently trading at $0.009789. According to Coinmarketcap data, it has experienced an 11.32% increase today, a 28.22% increase over the past week, and a significant 52.31% increase over the past month.
The surge in the BIAO meme coin, often referred to as Asia’s top meme, could be attributed to China’s decision to approve cryptocurrency, which has stimulated the local economy.
Notcoin (NOT) is being traded at $0.01623. It has only seen a modest 2.72% increase today, with gains of 24.82% over the past seven days and a moderate 12.36% over the past month.
Despite recent struggles, the NOT meme coin is showing signs of recovery. NOT is a play-to-earn game token, and its recent surge is attributed to effective marketing efforts and its solid integration within the TON blockchain.
PeiPei (PEIPEI) is an Ethereum Mainnet-based token benefiting from Ethereum’s recent success. It is the top gainer today, with an impressive 44.07% increase in the last 24 hours, a 48.37% rise this week, and a substantial 73.82% increase over the past month.
PeiPei is similar to the well-known PEPE but with an Asian twist. It is based on a Matt Furie character, transformed into a red frog that reflects and pays homage to Asian culture.
Lastly, there is the Mog Coin (MOG), which reached an all-time high on July 1. Although it has receded from that high, it still performs well, increasing over 11% today.
