The recent crypto market rally has spilled over to popular meme-themed coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepecoin (PEPE).
Over the past week, PEPE has exploded 90% higher, DOGE is up 25%, and SHIB has gained 17%. Lesser known meme token Floki Inu (FLOKI) also rallied 70% over the same period.
Keypoints
- Popular memecoins like Pepecoin (PEPE), Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) have surged in the latest crypto rally.
- PEPE is up 14% overnight and 90% over the past week. DOGE has risen 10% in 24 hours and 25% in the last 7 days.
- SHIB and FLOKI have also jumped 17-20% in the past day and 70% over the past week.
- Memecoins are still far below their all-time highs. PEPE needs to rise 70% more, DOGE and SHIB need 90% gains to reclaim previous highs.
- The memecoin rally comes amid a broader crypto market surge, possibly fueled by rumors of a Bitcoin ETF approval by the SEC.
- Events like PEPE’s recent token burn of $6 million worth of coins may also drive price gains by reducing supply.
The overnight gains have been equally impressive – PEPE jumped 14%, DOGE 10%, and SHIB 7% in just the last 24 hours.
Memecoin enthusiasts point to the ongoing bullish sentiment in crypto, potentially fueled by rumors that the SEC may soon approve a Bitcoin ETF. Events like PEPE’s recent burn of $6 million worth of tokens are also credited with driving up prices by reducing circulating supply.
However, most memecoins remain far below their all-time highs achieved during last year’s massive rally. For example, PEPE still needs to gain 70% to revisit its peak price.
While short term gains may seem enticing, experts warn that memecoins carry substantial risks due to their lack of real-world use cases beyond speculative trading. Investors should exercise caution before buying in.
