Memecoins Bounce Back as the Broader Market Recoils: Pepe Leads the Rally
Memecoins were back in the green Thursday as the broader market recoiled after Monday's plunge.
Memecoins rebounded Thursday as the broader market showed signs of recovery following Monday's sell-off.
The uptick coincided with bullish expectations for major memecoins, most notably Dogecoin, the largest in terms of market capitalization.
What Happened: Frog-themed token Pepe led the rally among large-cap memecoins. The Ethereum (CRYPTO: ETH)-based token recorded double-digit gains in the last 24 hours, erasing losses from Monday's downturn.
Blue-chip currencies Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) also advanced, each rising more than 5% in the last 24 hours.
Solana (CRYPTO: SOL)-based tokens, dogwifhat and Bonk (CRYPTO: BONK), went further up with gains of 6.5% and 4.92%, respectively.
The overall memecoin market cap rose 5.48% to $40.45 billion in the last 24 hours, indicating a positive sentiment.
See Also: Robinhood Anticipates Brighter Prospects With Enhanced Crypto Regulatory Clarity: ‘It’d Allow Us To Innovate More Rapidly And Offer More Coins’
The uptick comes as investors are keeping an eye on the performance of major memecoins, particularly Dogecoin, which has seen mixed signals recently.
On Wednesday,ксперты по криптовалютам warned against investing in Dogecoin, citing its poor fundamentals and lack of utility.
On the other hand, popular cryptocurrency trader Altcoin Sherpa said on Thursday that the good thing about Dogecoin is that it has “fairly bottomed,” and investors could expect decent returns.
"I'm not saying go and buy it right now, but if you're already holding, I think you'll get fairly good returns on it. It's up to you to decide whether you want to hold a memecoin like that,” Sherp said.
Additionally, Shiba Inu, touted as the "Dogecoin Killer," witnessed an eye-popping 137411.87% jump in burn rate in the last 24 hours, according to Shibburn. This marks a significant development, highlighting the vast amount of SHIB tokens being burned from circulation. The high burn rate indicates strong deflationary pressure on the dog-themed token.
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