According to U.Today, meme coins PEPE and Dogwifhat (WIF) have experienced significant price increases, surging over 25% in a single day. At the time of writing, PEPE, a frog-themed cryptocurrency, was up 27.35% in the last 24 hours to $0.00001215 and had risen 34% over the week. PEPE reached an intraday high of $0.0000126, marking its third consecutive day of recovery. Dogwifhat, a Solana-based dog coin, saw a 24% increase in the last 24 hours to $2.21 and a 31% weekly rise. WIF achieved an intraday high of $2.26 and is on track for its fifth straight day of gains. The surge in PEPE and WIF prices aligns with renewed bullish momentum across the broader crypto market. Bitcoin is currently trading above $63,000, continuing its strong upward trend over the last few days. This bullish trend for major cryptocurrencies like Bitcoin has positively impacted the meme coin sector, with PEPE and WIF being significant beneficiaries. The broader meme coin ecosystem is also rallying, with FLOKI, BONK, and SHIB posting gains of 19%, 12%, and 8%, respectively, in the last 24 hours. The renewed optimism in the crypto market is partly due to favorable macroeconomic conditions, as investors considered Federal Reserve Chair Jerome Powell's recent statements. Powell indicated that the Fed might not wait until inflation is down to 2% before cutting rates, which appeared bullish for cryptocurrencies. Another factor contributing to the price surge for WIF and PEPE is the recent spotlight on these coins. A recent report named these two among the best-performing coins in 2024. According to Forbes, meme coins led by Dogwifhat and PEPE have outperformed Bitcoin, which has increased by 48% year to date. Dogwifhat was the top returner among the roughly 70 coins with market capitalizations greater than $1 billion, rising over 1,300%, while PEPE was the next best performer in the first half of 2024, gaining nearly 800%.