Bitcoin Rises 2%; PEPE Jumps 8%, Can This Memecoin Reach Elon Musk's Favourite Dogecoin-Like Popularity?

The cryptocurrency market gained traction on Wednesday as the US inflation data is just around the corner. The dominant Bitcoin also clocked its $30,000 mark in early deals before retreating to hold a near $29,700 level. Bitcoin trades on a positive note, and experts said that the largest cryptocurrency's support level is gradually increasing. Notably, meme coin PEPE is the cryptocurrency of the day, and speculations are about whether it can attract new investors like Elon Musk's favourite DOGE. Moving ahead, it is believed that the most-awaited development of BlackRock's Bitcoin ETF proposal is likely six months away, which could drive the inflow in the market.

At the time of writing, the global crypto market is trading at $1.18 trillion, up by 1.62% over the last day. Bitcoin's dominance jumped by 0.15% and is currently around 48.94%.

On the current market performance, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, "The crypto market has largely traded in the green in the last 24 hours. As per CoinGecko, the global crypto market capitalization is up 1.6% and is currently around $1.23 trillion. However, the crypto fear and greed index observed some correction. The index is down 4 points from yesterday and is currently in the neutral zone with a score of 50/100."

The price of Bitcoin is at $29,767.91, up by 1.96% currently with a market cap of $579.02 billion. Bitcoin's weekly performance is in green, however, the upside is at a slower pace of 0.4%.

Apart from Bitcoin, other cryptocurrencies like Ethereum jumped 1.4%, XRP surged 3.2%, Dogecoin climbed 1.5%, Cardano advanced 2.14%, and Solana outperformed its counterparts by soaring over 5.5% on Wednesday. In other cryptos, BNB gained by 1%, while Tether and USD Coin performed on a flat note.

Including Bitcoin, these are the top 10 cryptocurrencies in the market at present.

Hudda added, "Apart from USDT and USDC, the top 10 cryptos by market capitalization have seen positive price action since yesterday. BTC (+1.7%) managed to break the $30k resistance level but failed to sustain the momentum, and is currently trading around $29.7k."

Given its recent performance, Hudda believes that BTC's support level has been gradually increasing. If BTC continues to trade in a narrow range, it may find strong support at $29k itself in the coming weeks. This could provide a good base for a strong move that may follow.

On the other hand, cryptocurrency PEPE is the top trending digital coin on the market with an upside of more than 8%. According to Hudda, the popular meme coin PEPE has recently found new support and has seen a significant uptick in terms of the volume of coins traded. In a very short period, PEPE had breached a total market capitalization of $1 billion, but that was followed by a sharp decline to $465 million. It would be interesting to see whether this new meme coin can attract new users to crypto, similar to how DOGE and SIB have done in the past.

World's richest man Elon Musk has been an advocate for Dogecoin which was the first 'meme coin' and 'dog coin' to enter the market, even when its creation was as a 'joke' to make fun of the wild speculation in cryptocurrencies. But since its release in December 2013, DOGE has become the seventh-largest cryptocurrency in terms of market value. Musk has been vocal about his likeness to Doge and every media, crypto lover is aware of it.

Meanwhile, Shibu Inu is another 'meme coin' which has gained the impressive attention of investors due to its nickname 'Dogecoin Killer'. Although not in the top 10 currently, SHIB is the 14th largest cryptocurrency and presently performed at 7% upside over the last 24 hours.

In the past seven trading sessions, DOGE has dropped by nearly 3% and PEPE dipped by 7%, while SHIB has rallied by nearly 15%. It would be keenly watched if the PEPE coin has the potential to overtake these two biggies.

Apart from this, Hudda also shed some light on BlackRock's much-awaited Bitcoin ETF which is expected to be 6 months away and is more of a question of "when, and not if". The expert said, "This development is set to boost the inflow of institutional money into the biggest digital asset in the world."