Memecoins
DOGE, SHIB and BONK lead Memecoin recovery
The memecoin ecosystem is capitulating with the price of Dogecoin (DOGE), Shiba Inu (SHIB), and other flagship tokens in a positive uptrend. With this recovery visible, it remains uncertain whether sentiment has completely changed in favor of an ecosystem-wide recovery.
DOGE and SHIB dictate the pace
As of this writing, the memecoin ecosystem is growing by 2.61% with a market capitalization of $47.5 million. Although the average price is set at 8.33%, Dogecoin just managed to rise by 1.47% to $0.1251. Shiba Inu also joined the trend, rising 3.63% to $0.00001824.
The performance of both assets allowed PEPE to jump 1.98% in 24 hours to $0.00001156. The ecosystem could fuel the mainstream market as memecoins that were previously declining in the early hours of trading are not breaking out.
While dogwifthat (WIF), which fell more than 5% earlier in the day, managed to gain 0.5% to $1,794. Memecoins have the highest volatility in the industry, a characteristic that is either making or breaking them.
The ripple effect of the resurgence of these flagship altcoins is also manifesting itself in smaller alternatives. With BRETT up 3.5% to $0.1427, BOME edged up slightly by 0.84% to $0.008967. What many in the community are now trying to know is whether or not this recovery is here to stay.
Most of the top altcoins like Shiba Inu and Floki have maintained very strong community utility. From Shiba Inu Shibarium to Floki’s Telegram trading bot, new avenues have been established that drive demand for SHIB and FLOKI. This utility reinforces confidence that the prolonged drawdown in the memecoin ecosystem will not last long.
Are Memecoins out of danger?
The memecoin recovery is showing early signs of promise after a series of listings by similar exchanges Coinbase. However, whether or not this recovery is sustainable will depend on the performance of Bitcoin (BTC). This is because most altcoins have a very high correlation with the main coin.
At the time of writing, the price of Bitcoin is changing hands at $64,280.72, up 1.13% in 24 hours. If Bitcoin’s recovery is sustained and memecoins like DOGE and SHIB continue to lead the recovery, the asset class may already be out of the woods.
To know more: Binance CEO Richard Teng affirms Binance’s support for BtcTurk during the recent cyberattack
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to promote general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him Twitter, LinkedIn
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for personal financial loss.