According to U.Today, the cryptocurrency ecosystem is witnessing a recovery phase, with meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE showing signs of resurgence. Despite the mild nature of this recovery, each of these coins is experiencing a unique price surge, indicating that the worst of the recent market downturns may be over.
In the last 24 hours, Dogecoin's price has seen a slight increase of 0.6%. The price movement of DOGE has been notably volatile, with the growth rate fluctuating between positive and negative territories due to the resurgence of significant demand.
Shiba Inu, on the other hand, has deviated from this trend with a 1.37% surge to $0.00001666. By weathering the severe sell-offs of the past week, Shiba Inu has established the $0.000016 price point as its primary support level as it strives for further growth.
PEPE, a frog-themed token, has recorded a 1.2% rally to $0.00000874 following a challenging sell-off phase. However, the token's growth remains uncertain due to its volatility, which could potentially wipe out these gains in the coming hours.
Despite the uncertainty, the underlying sentiment for these meme coins is a readiness for a second attempt at a price rebound. The key drivers of these potential rebounds are currently unknown but are worth monitoring.
While these three meme coins collectively control a small portion of the crypto ecosystem, their expected volatility could trigger a rally within their specific niche. This could potentially have a ripple effect on the broader crypto ecosystem, possibly influencing L1 coins.
Another key expectation is that these meme coins will leverage their respective correlations with Bitcoin and Ethereum, joining these top coins in rallying when conditions align. Currently, their metrics are bullish, with fundamentals, trading volumes, and whale accumulation indicating that the best of these price rebounds is yet to occur.