The global digital assets market witnessed much needed comeback made by the top meme coins. Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE fought against the selling pressure or investors just bought the dip, it is still unclear. However, Ethereum price jump might have helped the other major cryptos to gain confidence.
Dogecoin prints green
Dogecoin has nearly recovered by 4% following its slump on Tuesday, while Shiba Inu is also up over 5%. This surge came in after a long trail of printing red indexes. DOGE price dropped by 18% in the last 30 days, while SHIB declined by 25% in the same period.
Despite these gains, Bitcoin remained relatively subdued with a marginal gain over the last day. However, it has managed to hold the $65k level. In the meantime, Spot Bitcoin ETFs in the U.S. experienced additional outflows of $152.4 million on Tuesday.
Arthur Hayes, a crypto leader and investor, has announced his intention to buy Dogecoin in the current choppy market. He added that he is adding PENDLE to his portfolio. Pendle price skyrocketed by 18% in the last 24 hours, while it is up by 101% over the last 90 days.
PENDLE is trading at an average price of $5.78, at the press time. Meanwhile, it is still down by 22% from its all time high of $7.52, recorded on April 11, 2024. Its 24 hour trading volume is up by 23% to stand at $121 million.
What’s next?
After a long struggle, Dogecoin is still up by 38% on a YTD basis. DOGE is trading at an average price of $0.1235, at the press time. Its 24 hour trading volume stood at $796 million with a market cap of $17.8 billion.
DEGEN is making notable strides, ranking #2 across several on-chain metrics for meme coins, just behind DOGE in terms of trader numbers and transaction count. This is significant given that DEGEN’s market cap is only 0.79% of Dogecoin’s.
In regulatory news, the SEC has closed its investigation into Ethereum 2.0, deciding not to pursue claims that sales of ETH constitute securities transactions. This decision, announced by Consensys, a major Ethereum developer, follows the SEC’s approval of spot ETH ETFs in May, which treat ETH as a commodity.
