Meme Coins Lead Crypto Market Recovery
- Shiba Inu Surges by 30%
- WIF Emerges as Top Performer with Over 80% Gain
The crypto market is witnessing a significant recovery, with meme coins taking center stage. Leading meme coins such as Dogecoin, Shiba Inu, Pepe, Dogwifhat, and Bonk have all shown impressive price rebounds after a recent market downturn that resulted in over $1 billion in liquidation.
Dogecoin, the most well-known meme coin, experienced a dip earlier this week but has since recovered by approximately 18%, trading at around $0.1054. Similarly, Shiba Inu saw a 30% increase from its recent low, now trading at $0.000001416.
Pepe, another popular meme coin, has also bounced back by about 48%, reaching $0.00000863 from a recent low of $0.0000058. Solana-based meme coins WIF and Bonk have followed suit, with WIF posting an impressive 82% gain and Bonk seeing a 40% increase in value.
Despite these gains, meme coins still bear significant losses compared to their values a week ago. The total market cap of meme coins has surpassed $39.94 billion, with a 24-hour trading volume of $4.95 billion.
Notably, the market recovery extends beyond meme coins to major cryptocurrencies like Bitcoin and Ethereum. Bitcoin, which experienced a sharp decline earlier, now trades at $60,816, while Ethereum is at $2,662.
Peter Schiff, a prominent cryptocurrency critic, has expressed skepticism about Bitcoin’s recent surge, attributing it to political factors. He advises investors to sell now and capitalize on the gains before a potential downturn.
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