Pepe, dogwifhat, Floki Explode Amid Searing Memecoin Rally — Dogecoin, Shiba Inu Rise As Well - Emeren Gr

Benzinga

2024-07-16 08:26

The injection of positive volatility sent memecoins rallying Monday, with coins from the sector emerging as the cryptocurrency market's biggest gainers.

　　What Happened: Frog-themed Pepe was the best-performing cryptocurrency in the last 24 hours, with gains upwards of 25%. Its trading volume surged 90% to $1.5 billion, making it the most-traded memecoin over the last 24 hours.

　　Solana SOL/USD-based dogwifhat was the second-highest gainer on the day, followed by Ethereum ETH/USD-based Floki. Both dog-themed coins recorded healthy upticks in 24-hour trading volumes.

Cryptocurrency	Gains +/-	Price (Recorded at 11:00 p.m. EDT)
Pepe PEPE/USD	+25.01%	$0.00001221
dogwifhat WIF/USD	+22.50%	$2.18
Floki (FLOKI)	+22.19%	$0.0001881

　　Additionally, blue-chip memecoins in the market also registered significant spikes. Shiba InuSHIB/USD jumped more than 10% to $0.00001988, while pioneer Dogecoin DOGE/USD soared 7% to $0.1261.

　　Why It Matters:The memecoin bull run comes amid positive momentum in the cryptocurrency market following the foiled assassination attempt of pro-cryptocurrency presidential nominee Donald Trump.

　　Additionally, dovish comments by Federal Reserve Chair Jerome Powellhelped accelerate investments in this highly speculative and risky category of financial instruments.

Disclaimer:The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.