Dogecoin has seen a small 0.6% increase in price over the past 24 hours. Dogecoin’s price action has been particularly volatile, with growth rates bouncing back and forth in negative territory on the back of a surge in demand.
Shiba Inu broke out of this trend, rising 1.37% to $0.00001666. By surviving the dismal sell-off of the past week, Shiba Inu has turned the $0.000016 price point into its final support level and is working towards more growth in due course. For PEPE, the frog-themed token has gained 1.2% to $0.00000874 after a disturbing sell-off phase.
PEPE’s growth cannot be trusted just yet, as the coin’s volatility could erode these gains in the coming hours. The bottom line for these meme coins is to be ready for another attempt at a price rally. The key drivers of these potential rallies remain unclear but are worth watching.
While they collectively control a small portion of the crypto ecosystem, the expected volatility of these three meme coins is expected to spark a rally in their immediate niche. This could have a knock-on effect on the broader crypto ecosystem, leading to an acceleration of L1 coins.
Another key expectation is that meme coins will leverage their respective correlations with Bitcoin and Ethereum and join the ranks of these top currencies when conditions are right. Currently, their indicators are bullish, their respective fundamentals and trading volumes, and the accumulation of whales suggest that the best time for these price rallies has not yet occurred.
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