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Highlights
- Memecoins are in recovery mode with DOGE and SHIB leading
- The recovery has created a ripple effect in the broader ecosystem
- Revival is hinged on Bitcoin's performance but is this sustainable?
The memecoin ecosystem is capitulating with the price of Dogecoin (DOGE), Shiba Inu (SHIB), and other top tokens in a positive uptrend. With this visible recovery, it remains uncertain whether the sentiment has fully shifted for an ecosystem-wide resurgence.
DOGE and SHIB Setting the Pace
As of writing, the memecoin ecosystem is up by 2.61% with market capitalization coming in at $47.5 million. Though the average price is pegged at 8.33%, Dogecoin has just managed to soar by 1.47% to $0.1251. Shiba Inu has also joined the trend, inking a 3.63% surge to $0.00001824.
The performance of both assets has set the pace for PEPE to jump 1.98% in 24 hours to $0.00001156. The ecosystem might be fueling the mainstream market as memecoins that were previously down in early trading hours are not breaking out.
While dogwifhat (WIF) slumped by more than 5% earlier in the day, it has managed to ink a 0.5% jump to $1.794. Memecoins have the highest volatility in the industry, a feature that is either making or marring them.
The ripple effect of the revival in these top altcoins is showing up in smaller alternatives as well. With BRETT up 3.5% to $0.1427, BOME has inked a mild 0.84% to $0.008967. What many in the community now seek to know is whether or not this recovery has come to stay.
Most of the top altcoins like Shiba Inu and Floki has maintained a very strong community utility. From Shiba Inu’s Shibarium to Floki’s Telegram trading bot, new avenues driving demand for SHIB and FLOKI has been established. This utility underpins the confidence that the extended drawdown in the memecoin ecosystem will not last for long.
Are Memecoins Out of the Woods?
The memecoin recovery is one that is showing early signs of promise after series of listings from exchanges like Coinbase. However, whether or not this recovery is sustainable is hinged on the performance of Bitcoin (BTC). This is because the majority of altcoins have a very high correlation with the premier coin.
At the time of writing, Bitcoin price is changing hands for $64,280.72, up by 1.13% over 24 hours. If the recovery in Bitcoin is sustained and the memecoins like DOGE and SHIB continue to lead recovery, the asset class might be out of the woods already.
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