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The meme coin ecosystem is witnessing remarkable development as Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE record a price recovery. This has triggered speculation on the broader market as participants wonder if the current resurgence signals the comeback of meme coins.
Meme coins post modest gains amid market optimism
Data from CoinMarketCap shows that DOGE, SHIB and PEPE have registered 1.25%, 1.01% and 2.19% price increments, respectively, in the last 24 hours. Each of the three meme coins rallied from very low levels to register such gains.
Tomiwabold OlajideDogecoin rose from a low of $0.3179 in earlier trading to breach the critical resistance level of $0.328. As of this writing, DOGE is changing hands at $0.3313. This price increase has attracted investors to the meme coin, with trading volume up slightly by 1.35% to $1.9 billion.
Shiba Inu’s rebound journey started from $0.00001785. SHIB was supported by a spike in the ecosystem’s burn mechanism, which hit 284%. This sent a total of 12,546,958 SHIB to dead wallets in a bid to control the circulating supply.
The meme coin’s price stabilized and climbed two crucial resistance levels of $0.0000180 and $0.0000184. SHIB is currently trading up by 1.01% at $0.00001861. SHIB’s trading volume has surged by 20.71% to $337.63 million as investors actively trade the token.
PEPE completes the trio with a 2.49% rally to $0.00001288. Pepe’s trading volume also experienced a 13.86% rise to $1.17 billion.
Is Bitcoin’s influence fueling market sentiment?
This bullish momentum noticed with these leading meme coins might serve to usher in a rally for these classes of crypto assets.
Godfrey BenjaminSome analysts have drawn a correlation between these meme coins and the current rally being experienced by the world’s leading digital asset, Bitcoin. They believe BTC’s resurgence might have influenced the rebound of these meme coins.
Investors in these tokens will hope that they sustain current momentum and reach for higher price levels.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Dan Burgin
Vladislav Sopov