It seems that memecoins may be preparing for the second round of the memecoin craze.
In a week where meme-themed cryptocurrency has witnessed a surge, Pepecoin (PEPE) rides the tide with an astonishing 79% increase, outperforming other coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI), all of which also exhibited a respectable double-digit rise within the same period.
DOGE saw an upward tick of 9% in the past week, while SHIB recorded a 21% jump. FLOKI was not far behind, increasing its value by 28%, based on BitDegree data.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Aurora in Crypto? NEAR Protocol Token Explained (ANIMATED)
The week has been eventful, with the combined market capitalization of memecoins soaring by 11% in a single day.
Much of PEPE's significant climb happened late on June 21st, likely propelled by Bitcoin's robust bullish performance when it exceeded the $30,000 mark. At the time of writing, Pepe (PEPE) retails for $0.00000146, recording a 36% price increase in the last 24 hours.
Notably, PEPE's surge wasn't just riding the coattails of Bitcoin's growth. The US-based crypto exchange Gemini also hinted at a potential listing of PEPE, creating anticipation amongst investors.
On the other hand, Shiba Inu's developers made headlines with their announcement of a novel protocol that allows physical items to be tagged as NFTs, called Shibacals. This news undoubtedly enhanced the optimism surrounding the dog-themed digital coin.
As evidence of the growing bullish sentiment, the Crypto Fear and Greed Index has registered a dramatic climb in the last couple of days, reaching a two-month high of 65.
Overall, the crypto price chart is shining bright in green. Cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH) recorded an increase of over 3% in the last 24 hours, while Cardano (ADA), Polygon (MATIC), and Avalanche (AVAX) jumped by more than 5%.
With this recent surge in memecoins' popularity, investors are keeping a keen eye on the fluctuating crypto market, watching to see which token will be the next to ride the wave of exponential growth.
