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.
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