PEPE, BONK helps meme cryptos to recover, Can it push Bitcoin?

After a Major Market Downturn, Crypto-Meme Industry Fuels Recovery

Following a significant market decline, the cryptocurrency market has rebounded, with the crypto-meme industry playing a pivotal role in its recovery. Amidst the popular meme coins, Pepe (PEPE) and Bonk (BONK) have experienced substantial upward momentum, soaring by over 8% and 15%, respectively.

PEPE and BONK's Impressive Performance

PEPE currently trades near $0.0000078, having gained over 8% in the past 24 hours. Over the past 7 days, it has surged by over 55%, despite recent market challenges. However, in the past 30 days, PEPE has remained relatively stable.

On the other hand, Solana-based BONK trades near $0.000028, having gained over 15% in the past 24 hours, contributing to the market's rebound. Over the past 7 days, despite market volatility, it has gained over 100%, while in the past 30 days, it has experienced a nearly 14% increase.

Crypto-Meme Industry's Impact

PEPE and BONK are the only two top cryptomeme coins that have gained significant investor support. However, other prominent crypto-meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have faced challenges in gaining momentum. DOGE trades near $0.15, experiencing a 2% decline in the past 24 hours, while SHIB trades near $0.000025, facing a 1.5% decline in the same period.

Overall Market Outlook

Despite the meme coin resurgence, the overall cryptocurrency market remains neutral. However, the 24-hour trading volume has increased by 8%, indicating renewed investor and trader interest. With the support of the crypto-meme industry, the market has rebounded, but major cryptocurrencies like Bitcoin, Ethereum, and Solana continue to face resistance.