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Today, the cryptocurrency ecosystem is experiencing a broad-based recovery, and the combined crypto market value has increased by 1.38%, reaching $1.14 trillion at the time of writing. Bitcoin (BTC) is steadfastly following this upward trend, while memecoins are showing a mixed performance across the board.
Current Status of Memecoins
Dogecoin (DOGE), the world’s first and largest memecoin, is trading at $0.07233 after recording a growth of 1.23% in the last 24 hours, according to CoinMarketCap data. Alongside Dogecoin, Shiba Inu (SHIB) also sees an uptrend, solidifying the market’s recovery attempt with a growth of 2.03%.
While these assets are particularly on a growth ramp, some memecoins, including the sensational frog-themed PEPE, seem to struggle to keep up with other surges. The token boldly leads other falling memecoins by losing 2.62% of its price in the last 24 hours.
Milady Meme Coin (LADYS) is not alone in the dip zone with PEPE, as it lost more than 6% of its price over the weekend. Specifically, the current change in market momentum can be termed a catalyst to reduce losses for these asset classes.
What Have Memecoins Achieved?
In today’s cryptocurrency ecosystem, memecoins serve as a significant asset class redefining community consensus in terms of price movement. These tokens are known to display significant growth strides to the extent that even market whales are now opting to start injecting capital into them.
By maintaining a positive and proactive strategy, it is known that many early supporters have made significant gains from memecoins, from DOGE’s early days to the present. Despite potential associated losses, most people see memecoin as a valuable gamble when the perfect entry is marked.
With the negotiations on the US debt ceiling and its impact on the market in the past few weeks, the excitement around memecoins has significantly decreased. Currently, with the market’s recovery, many individual investors may be anticipating the reignition of parabolic growth in memecoins.
