Memecoins were back in positive territory on Thursday as the broader market fell following Monday’s slump.
What happened: Token with frog motif Pepe led the rally among large-cap memecoins. ether ETH/USD-based token posted double-digit gains over the past 24 hours, offsetting losses from Monday’s downturn.
| Cryptocurrency | Profits +/- | Price (Recorded at 11:30 p.m. EDT) |
| Pepe PEP/USD | +10.15% | 0.000008713 USD |
| Subscribe USD/CHF | +6.52% | $1.84 |
| Dogecoin DOGE/USD | +5.92% | 0.1061 USD |
Bluechip currencies Dogecoin And Shiba-Inu SHIB/USD The prices also increased, by more than 5% each in the last 24 hours.
Solana USD/CHF-based tokens, Subscribe And Bonk BNB/USDcontinued to rise with gains of 6.5% and 4.92% respectively.
The total market capitalization of memecoins increased by 5.48% to $40.45 billion in the last 24 hours, indicating positive sentiment.
See also: Robinhood expects better prospects through clearer crypto regulation: “This would enable us to innovate faster and offer more coins”
Why it is important: The uptrend coincided with optimistic expectations for major memecoins, especially Dogecoin, the coin with the largest market capitalization.
Popular cryptocurrency trader Altcoin Sherpa said on Thursday that the good thing about Dogecoin is that it has “pretty much bottomed out” and investors can expect decent returns.
Furthermore, Shiba Inu, touted as the “Dogecoin killer,” saw a staggering 137,411.87% increase in burn rate over the past 24 hours, according to Shibburn, reflecting significant deflationary pressure on the dog-themed token.
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