Pepe Coin Soars 24% as Meme Coins Make Double-Digit Recovery
Meme coins have emerged as a shield against a looming global financial downturn, with Pepecoin, an Ethereum token, taking the lead in the surge.
Pepecoin saw a remarkable increase of over 24% to reach $0.0000007673 on Tuesday morning, completely recovering from the losses it suffered the day before. The previous day witnessed a significant drop in assets across various markets, both crypto and traditional, largely attributed to broader geopolitical and financial concerns.
Despite still being valued at a fraction of a cent, Pepecoin currently holds a market capitalization of around $3.22 billion, marking a 35% decrease over the past week.
In a similar fashion, other meme coins bounced back strongly today after facing substantial declines earlier in the week. BONK, Solana’s top meme coin, surged nearly 18% this morning, now trading at $0.00001956 with a market capitalization of $1.3 billion. This recent gain almost entirely offset the losses incurred on Monday.
Dogwifhat (WIF), Solana’s other leading meme coin, also experienced significant growth, rising over 14% today and currently valued at $1.4 billion, despite a 40% drop over the last week.
Shiba Inu (SHIB), a favorite Ethereum meme coin, surged by 18.4% to reach a market cap of approximately $7.9 billion, trading at $0.00001348. Additionally, Brett (BRETT), a rising meme coin based on a character by Pepe the Frog artist Matt Furie, soared by an impressive 46% to trade at $0.09245 on Tuesday, reaching a market capitalization of $919 million.
Beyond the meme coin realm, Solana made a strong comeback on Tuesday, with a remarkable recovery. The token surged by over 19.6% in the last 24 hours, peaking above $143 before stabilizing at $138.57. This recovery follows a dip to $110, its lowest point in months.
While the meme coin surges today outpaced gains in other crypto assets like Bitcoin, they align with a broader trend of recovery following Monday’s global financial downturn. Asian stock markets rebounded on Tuesday after hitting historic lows the day before, indicating a potential bounceback for American markets as well.
