28 May 2023 13:42, UTC
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The digital currency ecosystem is experiencing a broad-based recovery today with the combined crypto market capitalization jumping by 1.38% to $1.14 trillion at the time of writing. While Bitcoin (BTC) is definitively trailing this uptrend, memecoins are largely printing mixed growth performance across the board.
Dogecoin (DOGE), the world’s first and largest memecoin is changing hands at $0.07233 after recording a growth of 1.23% over the past 24 hours per data from CoinMarketCap. Alongside Dogecoin, Shiba Inu (SHIB) is also trading at a bullish upside with a growth of 2.03% to further solidify the cohesive response to the recovery attempt of the market.
While these assets are notably on a growth rampage, some sets of memecoins including the sensational frog-themed PEPE appears to be struggling to keep up pace with its other high fliers. The token has shed off as much as 2.62% of its price over the past 24 hours to boldly lead the memecoins on the other end of the divide.
PEPE is not alone in the bearish zone as Milady Meme Coin (LADYS) has also lost more than 6% of its price throughout the weekend. Notably, the current switch in the market momentum can be dubbed a catalyst for these asset classes to pare off their losses.
Awaiting the Memecoin Re-ignition
In the digital currency ecosystem of today, memecoins are a prominent asset class redefining community cohesion in terms of price action. These tokens are known to showcase massive growth strides such that even market whales now choose to start injecting capital into them.
By maintaining a positive and proactive strategy, many early backers are known to have printed massive gains from memecoins right from the early days of DOGE to date. Though there are losses that can be associated, many largely consider memecoin a worthy gamble, should the perfect entry be ticked.
With the US debt ceiling negotiations and its impact in the market in the past few weeks, the memecoin hype has notably died down. With the market recovering at this time, many retail traders are now likely anticipating the re-ignition of the parabolic growth in memecoins.
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