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The crypto ecosystem is undergoing a unique recovery round, with Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE tagging along. Though mild, each of these meme coins is registering a unique price surge that shows the worst drawdowns might be over.
Rebirth of DOGE, SHIB and PEPE
Over the past 24 hours, the Dogecoin price has inked a mild surge of 0.6%. The price action of DOGE is particularly volatile, with the growth rate moving to and fro the negative zone amid the return of an epic demand wall.
Gamza KhanzadaevShiba Inu broke off from this trend with a 1.37% surge to $0.00001666. By surviving the harsh sell-offs of the past week, Shiba Inu has turned the $0.000016 price point into its ultimate support level as it fights to record more growth in due course.
For PEPE, the frog-themed token has recorded a 1.2% rally to $0.00000874 after a troubling sell-off phase. PEPE’s growth is not to be trusted yet as the token’s volatility might see it erode these gains in the next couple of hours. The underlying bottom line for each of these meme coins is the readiness for a second shot at the price rebound.
The key drivers of these prospective rebounds remain unknown but are worth watching.
Expectations from meme coin trio
While, collectively, they control a small fraction of the crypto ecosystem, the expected volatility from the three meme coins is poised to spark a rally within their immediate niche. There might be a ripple effect in the broader crypto ecosystem that might see L1 coins pick up the pace.
Tomiwabold OlajideAnother crucial expectation is that the meme coins will leverage their respective correlations with Bitcoin and Ethereum and join these top coins in rallying whenever the conditions align. For now, their metrics are bullish, with the respective fundamentals and trading volumes and whale accumulation signaling that the best of these price rebounds is yet to take place.
Alex Dovbnya
Valeria Blokhina