- Meme coins are at the forefront of the ongoing crypto market recovery.
- Shiba Inu has increased by 30% from its recent dip, trading at $0.000001416.
- Among top meme coins, WIF stands as the best performer, posting over 80% gain.
Meme coins are at the forefront of a notable crypto market recovery, with Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) all demonstrating significant price rebounds following recent downturns that saw over $1 billion market liquidation.
Dogecoin, the most prominent player in the meme coin space, experienced a dip on Monday when its price fell to $0.0856. It has since recovered to approximately $0.1054, an impressive 18% increase from its dip.
Similarly, Shiba Inu also saw a decline to $0.00001087 this week but has rebounded by around 30% to $0.000001416 as of this writing.
Pepe, another popular meme coin, crashed to $0.0000058 on August 5 but has rebounded by about 48% to trade at $0.00000863 today. Solana-based meme coins WIF and Bonk have followed similar patterns.
WIF recovered from $1.07 on Monday to around $1.957 today, representing an impressive 82% growth. Likewise, Bonk bounced back from a recent dip of $0.00001554 to $0.00002184, a substantial 40% increase.
These price movements highlight the volatility of meme coins, which attract investors with their potential for substantial returns. The current surge has pushed the total meme coin market cap above $39.94 billion, with a 24-hour trading volume of $4.95 billion.
Despite the gains over the past 24 hours, these meme coins still shoulder staggering losses from the value they sold a week ago.
However, the market recovery is not limited to meme coins alone; Bitcoin and major altcoins have rebounded. Bitcoin took a sharp decline earlier this week, nosediving to a low of $49,000, with Ethereum also joining the plunge. However, Bitcoin and Ethereum currently trade at $60,816 and $2,662, respectively.
Meanwhile, Peter Schiff, a well-known critic of cryptocurrencies, recently suggested that the recent rise in Bitcoin may be short-lived as it was likely pumped by political promises from Donald Trump’s camp. As a result, Schiff urged investors to sell now and capitalize on recent gains.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
