Meme coins are at the forefront of a significant recovery in the cryptocurrency market, with Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) all seeing significant price gains after recent declines that saw over $1 billion worth of crypto liquidated in the market.
Dogecoin, the most prominent player in the meme coin space, took a dive on Monday when its price fell to $0.0856. It has since recovered to around $0.1054, an impressive 18% more than its drop.
Similarly, the price of a Shiba Inu also dropped to $0.00001087 this week, but at the time of writing, it has risen by about 30% to $0.000001416.
Pepe, another popular meme coin, crashed to $0.0000058 on August 5 but has recovered about 48% and is currently trading at $0.00000863. Solana-based meme coins WIF and Bonk have followed similar trends.
WIF has recovered from $1.07 on Monday to around $1.957 today, representing an impressive 82% gain. Similarly, Bonk has rebounded from its recent drop from $0.00001554 to $0.00002184, representing a significant 40% gain.
These price movements highlight the volatility of meme coins, which attract investors with their potential for significant profits. The current surge has pushed the total market capitalization of meme coins above $39.94 billion, with 24-hour trading volume at $4.95 billion.
Despite the gains over the past 24 hours, these meme coins are still suffering staggering losses compared to the price they were sold at a week ago.
The market recovery is not limited to meme coins, however; Bitcoin and major altcoins have rebounded. Bitcoin fell sharply earlier this week, falling to a low of $49,000, and Ethereum also joined the decline. However, Bitcoin and Ethereum are currently trading at $60,816 and $2,662, respectively.
Meanwhile, Peter Schiff, a prominent cryptocurrency critic, recently suggested that Bitcoin’s recent rally may be short-lived, as it was likely fueled by political promises from Donald Trump’s camp. As a result, Schiff urged investors to sell now and capitalize on recent gains.
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