PEPE leads meme crypto recovery with WIF, Will this rally last?
Release: 2024/05/02 19:54 Reading: 712
The Meme Crypto Market Recovers After a Turbulent Week
The meme crypto sector experienced a recovery session on Thursday following a week of volatility and sell-offs. Pepe (PEPE) spearheaded the rally, gaining over 15% in the last 24 hours and buoying other meme coins. The cumulative market capitalization of meme cryptocurrencies rose by approximately 6% over the past day, reaching $45.7 billion.
PEPE Leads the Charge
The recovery rally was sparked by remarks made by Federal Reserve Chair Jerome Powell on Wednesday. His comments instilled optimism among Wall Street traders, leading to a surge in US stocks. Treasury yields also declined across the board, providing further support for the crypto market.
PEPE emerged as the top performer among meme coins, with its price soaring by more than 15% in a flash surge. This positive momentum helped erase PEPE's recent losses, although it remains down by 4% over the past week.
Over the past 90 days, PEPE has recorded a remarkable 656% gain and is currently trading at an average price of $0.000007. Its 24-hour trading volume has increased by 7% to $1.04 billion, while its market capitalization stands at approximately $3 billion.
WIF Follows Suit
Dogwifhat (WIF), a newly popular meme coin, also joined the rally. WIF's price surged by 14% in the last 24 hours, despite being down by 28% over the past month. At the time of writing, WIF is trading at an average price of $2.65.
WIF has gained over 1100% in the last 90 days, and its recent decline can be viewed as a minor correction. Its 24-hour trading volume has increased by 7% to $492 million, and its market capitalization is currently around $2.7 billion.
Powell's Remarks Fuel Relief Rally
As reported earlier, Powell's assurance that interest rate hikes were unlikely in the near future sparked a relief rally. However, the optimism was tempered by his lack of commitment to rate cuts. This suggests that policymakers will require more time to assess the trajectory of inflation before considering easing measures.
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