Today, the cryptocurrency market witnessed a remarkable rally, with memecoins leading the charge. Pepe coin (PEPE) surged by an impressive 14%, while Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk saw gains of around 7% in the last 24 hours. The surge comes while altcoins are gaining momentum.
Pepe’s Standout Performance
Pepe’s 14% surge has drawn the attention of investors, moving its price to $0.0000199 in a day with a market cap of $8.37 billion. Pepe’s craze among memecoin lovers has mainly fueled the rally, which also encouraged both retail and institutional investors.
Dogecoin, Bonk, and Shiba Inu Maintain Momentum
Dogecoin’s 7% rise reflects its enduring popularity and Donald Trump’s recent decision to appoint Elon Musk to lead the newly formed ‘Department of Government Efficiency’. Elon Musk has been a memecoin lover for so long.
According to a crypto analyst, Dogecoin is encountering a crucial resistance at $0.42. If Dogecoin breaks through and maintains a position above this resistance, it could draw increased buying interest.
On the other hand, BONK, the Solana-based memecoin, has been gaining attention for its remarkable performance following its listing on Upbit, South Korea’s largest cryptocurrency exchange. At the time of publication, BONK hovers around $0.00004449 with an impressive market capitalization of $3.35 billion.
Meanwhile, Shiba Inu also surged along with other memecoins, lifting its price to $0.00002554. Data says that the crypto whales transferred a total of 7.48 trillion Shiba Inu (SHIB) tokens from their wallets in the past 24 hours.
The rally in altcoins has triggered positive sentiment around macroeconomic indicators. As of now, Ethereum has surged over 9% in the last 24 hours, fueling the spark in memecoins.