With improved market sentiment, meme coins are leading the cryptocurrency rally this week, driven by a decrease in trade tensions between the United States and China and U.S. inflation data that revived hopes for early interest rate cuts by the Federal Reserve.
Following these developments, the global cryptocurrency market capitalization rose to 3.59 trillion U.S. dollars on June 11, with a daily trading volume of 135.14 billion U.S. dollars. Bitcoin (BTC) briefly surpassed the 110,000 U.S. dollar mark, Ethereum (ETH) regained 2,800 U.S. dollars, and Ripple (XRP) stabilized around 2.30 U.S. dollars.
Although the three major coins saw slight declines today, Bitcoin's momentum has reflected on the broader market, leading to renewed interest in alternative coins, with meme coins leading this momentum over the past week.
Here are some of the best-performing meme coins this week that are worth monitoring.
Fartcoin achieved (
), which is a meme coin based on Solana, born from Elon Musk's passion for gases, rising by 47.8% over the past seven days, surpassing a market value of 1.3 billion dollars.
It is expected to remain in the spotlight this week with its listing on Coinbase on June 12 at 9 a.m. Pacific Time. Before the immediate listing, Coinbase will also launch perpetual futures contracts on its advanced and international platforms.
On the daily chart, Fartcoin has surpassed a descending wedge pattern, which is often associated with bullish reversals. It is currently trading above its 50-day moving average, while the MACD has shown a bullish crossover, often indicating an extended rise.
Simple Moving Average (SMA) and Moving Average Convergence Divergence (MACD) chart for FARTCOIN for fifty days - June 12.
If this trend continues, the next target may be to re-test the 1.64 U.S. dollar level.
You may also be interested in: Ethereum maintains 2.7 thousand U.S. dollars as ETF inflows rise and Ethereum options shift sharply upward.
The SPX6900 (SPX) index, a meme coin with a satirical goal of flipping traditional markets, saw a rise for five consecutive days, reaching an all-time high of 1.73 U.S. dollars on June 11. Its market value increased from 275 million U.S. dollars in March to nearly 1.6 billion U.S. dollars at the time of publication.
This token is attracting attention this week for two main reasons. Firstly, it continued to rise despite the suspension of its official X account, a development that could negatively impact trader sentiment. Conversely, the ongoing rise highlighted the strength and engagement of its community, which may attract more interest.
Secondly, a resurgence in whale activity. Large holders now control over 106 million SPX tokens, up from 105 million in mid-May. At the same time, SPX volumes on exchanges have decreased significantly, which typically indicates that investors are holding onto their shares, not selling them, increasing the buzz and fear of missing out.
From a technical perspective, the SPX6900 index is forming a "cup and handle" pattern on the daily chart, a pattern often indicating further upside.
SPX price, CMF indicator, and Aroon chart - June 12.
The price seems poised to touch the upper limit at 1.742 U.S. dollars. Once it reaches the target, if it pulls back slightly to form the "handle" and maintains the support level, this may pave the way for the next upward wave.
Furthermore, the Chaikin Money Flow indicator is positive, signaling buying pressure, while the Aroon Up indicator stands at 92.86%, indicating a strong upward trend.
Thus, if the bulls maintain their control, the SPX index may continue to rise after a brief consolidation period.
The value of the AURA coin rose by over 9700% over the past week, climbing from around 0.00090 U.S. dollars to 0.090 U.S. dollars, with its market value jumping from just one million U.S. dollars to nearly 83 million U.S. dollars. The meme coin had seen little to no activity for months but suddenly surged on June 10 after a wave of buying pressure.
On-chain data indicates that one accumulation by whales, rumored to be associated with the SPX community, played a key role in driving this surge. Reportedly, over 500,000 U.S. dollars worth of AURA was deployed across decentralized trading platforms within a few hours, causing a sharp price increase as individual traders rushed in.
More than 215 wallets interacted with the coin during the peak surge, leading to a daily trading volume increase of over 100,000%.
On the daily chart, the MACD lines and the Relative Strength Index (RSI) moved well above overbought levels, suggesting that a potential pullback may be on the horizon.
The price of AURA, the Relative Strength Index (RSI), and the MACD - June 12.
However, if the momentum continues and visibility increases across trading forums and social media, AURA may see further gains in the near term, especially considering its low trading volumes and speculative appeal.
However, the absence of fundamentals, project updates, or clarity on investment viability means this rise is largely driven by sentiment and volatility. As with most equivalent price surges, profit-taking by early holders may lead to similar sharp pullbacks, making AURA a high-risk, high-reward trade at current levels.
Read more: The U.S. Securities and Exchange Commission (SEC) blocks Solana's billion-dollar DeFi Development plan and withdraws the company’s S-3 filing.
Disclosure: This article does not constitute investment advice. The content and materials displayed on this page are for educational purposes only.
🇾🇪🇾🇪🇾🇪🇾🇪🇾🇪