Meme coins have returned to public attention. The US-Iran war caused two weeks of market instability, which affected Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK) tokens. But today they show a strong recovery.
The current meme coin surge happens during a period when the entire crypto market shows upward movement. The crypto market experiences positive trends, with Bitcoin, Ethereum, and XRP showing substantial price increases.
Understanding the Latest Rally in Meme Coins
The meme coin market is currently in the green zone, sparking widespread optimism. According to CoinMarketCap data, meme coins have surged to a market cap of $33.31 billion, marking a significant surge of about 12% in just a day.
Meme Coins Surge; Source: CoinMarketCapDogecoin Price Up 4%
The DOGE price currently stands at $0.1003. The price has increased 4.5% during the day, 10% during the week, and 3% during the month. The 24-hour trading volume has increased by 125% and now reaches $1.73 billion. Geopolitical realities still hanging, Dogecoin is gathering around for a new look.
Shiba Inu Price Soars 7%
The dog-themed Shiba Inu price experiences a more notable uptrend in a day. Currently trading at $0.000006237, the token has surged by about 7% over the last 24 hours. Despite a 3% monthly decline, 16% weekly gain. With a 99% daily spike, the trading volume has also jumped to $153 million.
Pepe Coin Price Jumps 17%
Meanwhile, the PEPE meme coin is up by a massive 17% in a single day. The token is currently trading at $0.000003974, up 22% and 3% in a week and a month, respectively. Traders are showing increased optimism in the token, which is evident from the 287% spike in the daily trading volume, currently $790 million.
BONK Surges Price 10%
At the same time, the BONK token price has surged by 10% in a day. Trading at $0.000006547, the meme coin has seen notable upticks of 15% and 3% upticks in a week and a month, respectively. The trading volume is also up by a staggering 228%, reaching $131 million.
This rally comes following the meme coin market’s recent decline amid the US-Iran conflicts. Top meme tokens like DOGE, SHIB, and PEPE had been experiencing severe pressure as the crypto market plunged amid the Middle East crisis. Now, these tokens are experiencing a fresh surge, sparking renewed interest. But what’s leading this rally?
Why are DOGE, SHIB, PEPE, and BONK Up?
The present meme coin market rise occurs because the overall crypto market experiences strong positive momentum. The US-Iran conflict continues, yet Bitcoin has grown substantially, which has brought its value back to previous market levels.
The primary cause of this situation stems from an outbreak of short liquidations that compelled bearish traders to repurchase memecoins. The buying power of large holders amplified this action. The meme coin market displays strong upward movement, which drives investors to purchase DOGE, SHIB, PEPE, and BONK.
Source: https://coingape.com/meme-coins-rally-why-doge-shib-pepe-and-bonk-price-are-soaring/
