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Meme coins are at the forefront the ongoing crypto market recovery.
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Shiba inu has increased 30% from its recent low, trading at $0.000001416.
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WIF is the top meme coin, with a gain of over 80%.
Meme coins have been at the forefront of an impressive crypto market recovery. Dogecoin, Shiba Inu, Pepe, Dogwifhat and Bonk all showed significant price increases following recent downturns which saw over $1 billion in market liquidation.
Dogecoin’s price dropped to $0.0856 on Monday, when it was the most prominent meme coin. It has recovered to around $0.1054, a 18% increase since its dip.
Shiba Inu, meanwhile, also saw its price drop to $0.00001087 last week. However, it has since rebounded to $0.000001416 at the time of writing.
Pepe, a popular meme coin, fell to $0.0000058 in August, but has recovered by 48% today to trade at $0.00000863. WIF, a Solana-based coin, and Bonk have shown similar patterns.
WIF has recovered from $1.07 a day earlier to $1.957 today. This represents an impressive 82% increase. Bonk also recovered from a recent drop of $0.00001554, to $0.00002184. This is a 40% increase.
These price fluctuations highlight the volatility of memes, which are attractive to investors because they offer substantial returns. The current surge has pushed total meme coin market capital above $39.94 billion with a trading volume of $4.95billion in 24 hours.
These meme coins have still suffered a staggering loss in value compared to the week ago.
Bitcoin and other major altcoins are also recovering. Bitcoin plunged to a low price of $49,000 earlier this week. Ethereum also joined the plunge. Bitcoin and Ethereum are currently trading at $60,816 each and $2,662, separately.
Peter Schiff, an eminent critic of cryptocurrencies and Bitcoin, suggested recently that the recent rise could be short-lived, as it was likely pumped up by political promises made by Donald Trump’s team. Schiff advised investors to sell and take advantage of recent gains.
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