Meme Coins Show Signs of Life in Crypto's Tentative Recovery

Meme Coins Show Signs of Life in Crypto's Tentative Recovery

Jul 08 Tech Standard

The crypto market is experiencing a unique comeback, and meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE are joining the party. While the gains are modest, each coin shows a price increase suggesting the worst of the downtrend might be behind us.

DOGE, SHIB, and PEPE See Price Bumps

Dogecoin has seen a mild surge of 0.6% in the last 24 hours. However, DOGE's price remains volatile, fluctuating between positive and negative territory due to a returning "demand wall" (a large buy order).

Shiba Inu stands out, experiencing a 1.37% jump to $0.00001666. Surviving recent selloffs, SHIB has established $0.000016 as a key support level, potentially paving the way for further growth.

PEPE, the frog-themed meme coin, rallied by 1.2% to $0.00000874 after a rough sell-off period. PEPE's gains are uncertain due to its volatility, and these increases could quickly disappear. Regardless, all three meme coins seem ready for another shot at a price rebound.

What's Driving the Potential Rise?

The exact reasons behind these potential rebounds remain unclear, but they're worth keeping an eye on.

Meme Coin Impact

Despite their small share of the crypto market, these three meme coins' expected volatility could trigger a rally within their niche. This could even have a ripple effect on the broader market, potentially accelerating the growth of leading Layer 1 coins (blockchains with smart contract functionality).

Correlation with Big Players

Another expectation is that these meme coins will capitalize on their connection to Bitcoin and Ethereum. When market conditions are favorable, they might join these top coins in a rally.

Bullish Signs

Currently, the outlook for these meme coins is positive. Trading volume, whale accumulation (large investors buying in), and other technical indicators suggest there's room for further price increases. While the future remains uncertain, these coins are showing signs of life in the ongoing crypto recovery.


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