This week, the coin world is heating up as Bitcoin has regained a six-figure valuation, driving capital inflow and creating altcoin rallies. Among them, memecoins have provided a spectacular fireworks display, fully operating under the motto 'high risk, high reward.'
Top coins with the strongest gains this week
Pepe (PEPE) – Top memecoin, but is it rising too fast?
Pepe (PEPE) dominates the gainers chart this week, skyrocketing 61.6% and regaining a five-month high of $0.00001406 to end the week.
Memecoins opened the week still in a dismal state due to the previous bearish cycle. However, a brief green light appeared when Bitcoin recovered to $96,000 on May 6, bringing a modest increase of 0.63%.
But what really happened afterward is a textbook case of capital rotation. The PEPE/BTC pair surged 50% in less than a week, with PEPE breaking through 4 major resistance levels consecutively.
However, currently, RSI is flashing some signs of overbought after hitting a ceiling and starting to slip down. Therefore, PEPE's next move will depend heavily on Bitcoin's action.
For the bulls to maintain control, BTC needs to break the local peak and continue pouring capital into memecoins to achieve quick and enticing profits.
Dogwifhat (WIF) – Dog meme showing bullish recovery potential
Dogwifhat (WIF) is nearing the lead position with a 61% weekly gain, reflecting the capital rotation seen in PEPE.
But unlike PEPE, WIF opened the week facing bears directly as prices were constrained in a narrow range from $0.58 to $0.75.
The bulls have shown their strength, breaking out of the range and setting up the perfect Short Squeeze scenario.
As of the time of writing, WIF is trading at $1.14, boasting a 176% increase for the month, far surpassing other notable meme assets.
In this context of high volatility, the bulls are aiming for the $1 mark, but the rally is far from guaranteed. Profit-taking could cause a pullback if capital rotates out of the market.
That said, WIF's recovery potential is clearly reflected on the 1-day chart, with solid bullish support at key levels, giving it a potential edge as it enters the upcoming week.
Pi (PI) – Utility token showing no signs of backing down
Pi (PI) does not back down in the altcoin race, achieving a 114.4% gain for the week.
Unlike meme plays, PI has sustainable bullish momentum, with price action up 43% on the daily timeframe.
Trading volume and on-chain have exploded, surging 208% and signaling strong spot demand.
It's clear that FOMO is in play as PI recovers the $1 level and with strong bid depth, it has enough strength to ignore initial signs of an overbought RSI.
At this moment, PI is trading at $1.25. With clear backing from trading volume, the prospect of breaking this resistance level and turning it into a solid support area looks promising.
However, this is a move to watch closely – the upward momentum is dominant, but any weakness in demand or BTC stagnation could quickly reverse the situation.
Other notable gaining coins
Besides the main coins, the market in general has seen some serious action.
Moo Deng (MOODENG) surged 603.1% last week, leading the pack. Purple Pepe (PURPE) and Titcoin (TITCOIN) also performed well, achieving gains of 156.9% and 303.8%, respectively.
Top coins with the strongest declines this week
UNUS SED LEO (LEO) – Exchange token hurt by bears
UNUS SED LEO (LEO) tops the weekly losers chart, recording a drop of 7.89% from the week's open – clearly slow in the context of a highly volatile market.
The week started with immediate downward pressure as LEO set a sharp red candle down 4.39% to close at $8.76, signaling initial weakness.
Although FUD driven by macro factors began to ease mid-week, giving the bulls a brief chance to try and recover to the median level, this rally lacks conviction.
The bears quickly regained control, pushing prices up another 6% in the next two sessions.
Currently, RSI is deep in the oversold territory, hinting at recovery potential. But don't get too excited just yet – it's still too early to expect a recovery scenario.
A modest volume increase of 2.65% is not enough to trigger any significant dip-buying action.
If volume does not increase or the structure does not change clearly, LEO remains at risk of further declines, and bears may be looking at lower support levels for the next drop.
DeXe (DEXE) – DeFi protocol facing bearish downturn
DeXe (DEXE) closed the week down 5.1% from the opening price of $14.44. The mid-week reversal has pushed DEXE back below the $15 resistance and is expected to continue retreating.
However, the 1-day chart shows solid bullish support, even with an inconsistent bearish pattern. Buyers are clearly eyeing a strong entry point.
At the time of writing, DEXE is priced at $13.86, with a daily range from $13.53 to $14.17. RSI is gradually approaching the oversold territory, hinting at recovery potential.
But don’t get too eager – volume still needs to increase to truly reverse the trend. Right now, the bulls need a decisive volume surge to turn this into a solid bullish move.
SoLayer (LAYER) – Layer 2 solution struggling to find support
SoLayer (LAYER) is the exception this week, extending losses from the previous cycle and being the most heavily impacted among the top 500 assets.
It started as a 4% drop in one day quickly became a full-blown sell-off, with no clear support in sight on the 1-day chart.
As LAYER regained a valuation of $3.3, bears continued to tighten liquidity, pulling the price down to $1.17 at the time of writing.
The mid-week candle formed an astonishing drop of over 40%, putting LAYER into complete damage control mode. Despite a slight consolidation over the past three days, volume remains stagnant, raising the chance of LAYER recording its third consecutive losing week.
Other notable losing coins
In the broader market, some tokens were also affected. BOOP (BOOP) led the decline with a sharp 50% retracement, while ApeX (APEX) and PundiAI (PUNDIAI) followed with adjustments of 27% and 26.3%, respectively.
Conclusion
Above is the weekly summary of the biggest gainers and losers. As usual, the volatility of the crypto market is strong, with prices fluctuating rapidly and violently. Remember to do your own research before engaging in any investments!
