- Meme coins Dogecoin, PEPE, and BONK are seeing significant price rebounds after a recent slump.
- BONK is up 3.5% today, PEPE has fully recovered its weekly losses, and Dogecoin is back above $0.40.
- Dogecoin’s bullish momentum depends on holding above the $0.40 mark, according to an analyst.
The meme coin space is bouncing back, with tokens like Dogecoin, PEPE, and BONK posting notable gains in the last 24 hours. This follows Tuesday’s downturn when these tokens fell over 10%.
Notably, the meme coins crashed following Bitcoin’s bearish volatility that day. With Bitcoin now back above $95K, the meme coin sector seeks to lead the charge again.
Dogecoin, PEPE, and BONK Price Rebound
For instance, BONK is up 3.5% today, trading at $0.00004358. However, the token is still down 18% over the past seven days, remaining far from its recent all-time high of $0.00005916.
Meanwhile, PEPE has fully recovered from last week’s losses, with its weekly performance now showing a 0.51% gain. PEPE surged 6% today and is now trading at $0.00001955. However, it is still down 22% from its all-time high of $0.00002524, which was set two weeks ago.
At press time, the meme coin market leader, Dogecoin, has climbed back into the $0.40 price range, with a 3.18% uptick today. Trading at $0.4066, Dogecoin’s weekly performance has improved to a 4.75% gain.
However, market participants who bought Dogecoin last week, when it traded at a multi-year high of $0.4775, are still nursing losses on their investments.
Dogecoin Price Outlook
Market watchers like Ali Martinez have highlighted that Dogecoin needs to maintain its price above the psychological $0.40 level for its bullish momentum to continue. Martinez warned that if it falls below $0.40, it could drop to $0.34 before recovering.
A major factor supporting Dogecoin’s bullish potential is the recently announced exchange-traded product (ETP) focused on Dogecoin by asset manager Valour. This development has sparked speculation about the potential launch of an ETF directly investing in Dogecoin.
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