The meme coin market has seen a significant resurgence, with several large-cap tokens such as Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) experiencing notable gains over the past 24 hours. According to data from CoinGecko, the overall meme coin market value has increased by 2.4%, reaching $44.75 billion.
Shiba Inu has been a major contributor to this market improvement, recording a 6.4% increase over 24 hours. During this period, SHIB’s price fluctuated between $0.00001596 and $0.0000171, and it currently stands at $0.00001698. This rise was accompanied by a 24-hour trading volume of $217.8 million. Additionally, Shiba Inu’s price is up nearly 7% compared to a week ago, despite a 0.8% decline over the previous fortnight and a 21% depreciation over the last 30 days.
Brett and Other Notable Performers
Another meme coin making headlines is Brett (BRETT), which has risen by 5.1% in the last 24 hours. Brett ranked #72 in market cap among all cryptocurrencies and #7 among meme coins, has had a challenging month, losing more than 22% of its value. The decline began shortly after Brett reached its all-time high (ATH) of $0.1933 on June 9. Despite the recent uptick, Brett’s current price remains 40% below its ATH but is significantly higher than its all-time low from earlier this year.
Dogwifhat (WIF) and Pepe (PEPE) have also seen gains of 4% in the last 24 hours. However, both tokens have struggled over the past month, with WIF down 36.8% and PEPE down 30%. Over the past seven days, WIF has lost 19.2% of its value, while PEPE has decreased by 4.5%. Both have underperformed compared to the global crypto market, which is up 2.6%. CoinGecko reports that PEPE has also lagged behind other cryptocurrencies within the Ethereum ecosystem, which have seen a 12.70% increase.
Market Outlook
The recent positive movements in the meme coin market highlight the volatile nature of these assets. While the short-term gains are promising, the overall performance of meme coins like Shiba Inu, Brett, Dogwifhat, and Pepe remains mixed, with significant fluctuations over longer periods. Investors and traders will be watching closely to see if this rebound can be sustained and lead to more stable growth in the future.
