Memecoins Print Selective Growth as Crypto Market Recovers

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The digital currency ecosystem is now enjoying a widespread recovery, with the combined crypto market cap jumping 1.38% to $1.14 trillion at the time of writing. While Bitcoin (BTC) is definitely following this uptrend, memecoins are largely showing mixed growth performance across the board.

Dogecoin (DOGE), the world’s first and largest memecoin, is changing hands at $0.07233 after growing 1.23% in the past 24 hours according to data from CoinMarketCap. Alongside Dogecoin, Shiba Inu (SHIB) is also trading higher with growth of 2.03% to further reinforce the consistent response to the attempted market rally.

While these assets are experiencing meteoric growth, some sets of memecoins, including the sensational frog-themed PEPE, seem to be struggling to keep pace with its other big drivers. The token has lost up to 2.62% of its price in the past 24 hours to boldly lead memecoins to the other end of the ditch.

PEPE is not alone in the bearish zone as Milady Meme Coin (LADYS) also lost over 6% in price throughout the weekend. Notably, the current change in market dynamics can be seen as a catalyst for these asset classes to cut their losses.

Waiting for Memecoin to restart

In today’s digital currency ecosystem, memecoins are a leading asset class that is redefining community cohesion in terms of price action. These tokens are known to exhibit massive growth progress such that even market whales are now choosing to start injecting capital into them.

By maintaining a positive and proactive strategy, many early backers are known to have printed massive gains from memecoins from the early days of DOGE to date. Although there are losses that can be associated, many widely consider memecoin to be a valid bet, if the perfect entry is checked.

With the US debt ceiling negotiations and its impact on the market over the past few weeks, the memecoin hype has waned significantly. With the market rallying right now, many retail traders are likely anticipating a restart of parabolic memecoin growth.

Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real-world applications of blockchain technology and innovations to drive mainstream acceptance and global uptake of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a sports and agriculture enthusiast. Follow him on Twitter, Linkedin

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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