As a seasoned financial analyst with over a decade of experience in the crypto market, I’ve seen my fair share of trends and price movements. But the recent surge of over 25% in a single day for meme coins PEPE and Dogwifhat (WIF) has left me intrigued and impressed.
In an astounding rise, meme tokens PEPE and Dogwifhat (WIF) experienced a significant increase of more than 25% within just one day.
Currently, as I pen this down, Pepe – a cryptocurrency based on the frog theme – experienced a surge of 27.35% in the last 24 hours, reaching $0.00001215. Additionally, it showed a weekly growth of 34%. Previously, the price of PEPE peaked at an intraday high of $0.0000126 during its third consecutive day of recovery.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with Dogwifhat, a coin built on the Solana platform. In just the past 24 hours, its price has surged by an impressive 24% to reach $2.21 at this moment. Furthermore, over the last week, its value has climbed an even more significant 31%. The coin established a new intraday peak of $2.26 and is on course for its fifth consecutive day of positive price action.
The prices of PEPE and WIF have seen a significant increase, mirroring the buoyant sentiment in the wider cryptocurrency sector. Currently, Bitcoin is valued above $63,000, marking a robust uptrend in its value over the recent past.
Two reasons for PEPE, WIF rally
As a cryptocurrency market analyst, I’ve noticed an uplifting trend among major digital currencies such as Bitcoin. This bullish momentum has extended to the meme coin sector as well, with PEPE and WIF experiencing significant growth. The broader meme coin market is surging forward, with FLOKI, BONK, and SHIB recording impressive gains of 19%, 12%, and 8% respectively over the past 24 hours.
As a market analyst, I can tell you that the recent surge in optimism within the cryptocurrency sphere can be attributed to several favorable macroeconomic factors. One significant contributor has been the reassuring comments made by Federal Reserve Chairman Jerome Powell in his latest public statements. Investors have taken these statements as indicators of a more stable economic climate, which has boosted their confidence in investing in cryptocurrencies.
According to reports, Powell hinted that the Federal Reserve could reduce interest rates even if inflation hasn’t yet reached the 2% target, suggesting a potential boost for cryptocurrencies.
The Price hike for WIF and PEPE to some extent can be attributed to the increased attention they have received lately. A recent report identified these cryptocurrencies as top performers in the year 2024, leading to a surge in demand.
Based on Forbes’ report, meme coins such as Dogecoin and PEPE have surpassed Bitcoin’s 48% year-to-date growth rate.
As a researcher studying the cryptocurrency market, I discovered that Dogecoin (Dogwifhat) was the standout performer among the approximately 70 digital assets with market capitalizations exceeding $1 billion during the first half of 2024. Its price surged by an impressive 1,300%. Following closely behind, Pepecoin (Pepe) demonstrated strong growth, registering a gain of nearly 800%.
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2024-07-16 17:56