PEPE and Dogwifhat (WIF) Meme Coins Surge Over 25% in a Day, Mimicking Broader Crypto Market Rally

In a remarkable price climb, meme coins PEPE and Dogwifhat (WIF) have surged over 25% in a single day.

Meme coins PEPE and Dogwifhat (WIF) have seen impressive price surges of over 25% in a single day, outperforming the broader crypto market.

Here are two key reasons driving the PEPE, WIF rally:

1. Fresh bullish momentum for major cryptocurrencies like Bitcoin has spilled over into the meme coin sector, with PEPE and WIF being major beneficiaries. The broader meme coin ecosystem is rallying, with FLOKI, BONK and SHIB posting gains of 19%, 12% and 8%, respectively, in the last 24 hours.

2. This renewed optimism on the crypto market is partly due to favorable macroeconomic conditions, as investors weighed Federal Reserve Chair Jerome Powell's recent statements. As reported, Powell indicated that the Fed might not wait until inflation is down to 2% before cutting rates, which appeared bullish for cryptocurrencies.

Moreover, a recent report has highlighted the impressive performance of Dogwifhat and PEPE, naming them among the best-performing coins in 2024. According to Forbes, meme coins led by Dogwifhat and PEPE have outperformed Bitcoin, which has increased by 48% year to date. Dogwifhat was the top returner among the roughly 70 coins with market capitalizations greater than $1 billion, rising over 1,300%, while Pepe was the next best performer in the first half of 2024, gaining nearly 800%. This spotlight may have also contributed to the price surge for WIF and PEPE.

The above is the detailed content of PEPE and Dogwifhat (WIF) Meme Coins Surge Over 25% in a Day, Mimicking Broader Crypto Market Rally. For more information, please follow other related articles on the PHP Chinese website!