Shiba Inu and Pepe Surpass Bitcoin as Memecoins Spark a Comeback Rally
Memecoin Market Activity: Memecoins experienced a surge in trading late Monday, with notable gains from Dogwifhat and Bonk, as the overall memecoin market capitalization rose by 0.71% to $60.66 billion.
Market Recovery Context: This rally occurred amidst a broader crypto market rebound following a significant sell-off that had previously wiped out approximately $16 billion in investor wealth.
Performance of Major Tokens: While Dogwifhat and Bonk saw substantial increases, other tokens like Shiba Inu and Dogecoin had modest movements, with Ethereum maintaining positive momentum and Bitcoin stabilizing after a recent rally.
Investment Risks: The article emphasizes that investing in meme coins is highly speculative, often lacking intrinsic value and heavily influenced by market sentiment and social media trends.
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