Pepe Leads Rally, Dogecoin, Shiba Inu Advance As Memecoins Flash Green Amid Market Rebound

Memecoins were back in the green Thursday as the broader market recoiled after Monday's plunge.

What Happened: Frog-themed token Pepe led the rally among large-cap memecoins. The Ethereum ETH/USD-based token recorded double-digit gains in the last 24 hours, erasing losses from Monday's downturn.

Blue-chip currencies Dogecoin and Shiba Inu SHIB/USD also advanced, each rising more than 5% in the last 24 hours.

Solana SOL/USD-based tokens, dogwifhat and Bonk BONK/USD, went further up with gains of 6.5% and 4.92%, respectively. 

The overall memecoin market cap rose 5.48% to $40.45 billion in the last 24 hours, indicating a positive sentiment.

See Also: Robinhood Anticipates Brighter Prospects With Enhanced Crypto Regulatory Clarity: ‘It’d Allow Us To Innovate More Rapidly And Offer More Coins’

Why It Matters: The uptick coincided with bullish expectations for major memecoins, most notably Dogecoin, the largest in terms of market capitalization.

Popular cryptocurrency trader Altcoin Sherpa said on Thursday that the good thing about Dogecoin is that it has “fairly bottomed,” and investors could expect decent returns.  

Additionally, Shiba Inu, touted as the "Dogecoin Killer," witnessed an eye-popping 137411.87% jump in burn rate in the last 24 hours, according to Shibburn, reflecting considerable deflationary pressure on the dog-themed token.

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