PEPE leads meme crypto recovery with WIF, Will this rally last?

The meme crypto sector witnessed a recovery session on Thursday after a turbulent week marked by sell-offs. Pepe (PEPE) spearheaded the rally, surging over 15% in the last 24 hours and buoying other meme coins to post gains. The cumulative meme crypto market capitalization climbed approximately 6% over the past day, reaching $45.7 billion.

PEPE Leads the Rally

The uptick in momentum follows remarks made by Federal Reserve Chair Jerome Powell on Wednesday, which instilled optimism among Wall Street traders. US stocks rallied in the largest post-policy meeting gain since December, while Treasury yields fell across the board.

This positive sentiment aided the crypto market's recovery from recent losses. PEPE emerged as the standout performer in the meme category, with its price skyrocketing by more than 15% in a flash surge, spreading positive sentiment throughout the market. This surge erased PEPE's recent decline, although it remains down 4% over the past 7 days.

On a 90-day timeframe, PEPE boasts an impressive 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, and its market capitalization stands at approximately $3 billion.

WIF Not Far Behind

Another trending meme coin, dogwifhat (WIF), also joined the rally. WIF's price surged by 14% over the past 24 hours, despite being down 28% in the last 30 days. At press time, WIF is trading at an average price of $2.65.

It's noteworthy that WIF has gained over 1100% in the past 90 days, so the recent dip can be viewed as a minor correction. WIF's 24-hour trading volume has increased by 7% to $492 million, and its market capitalization stands at $2.7 billion.

Powell's assurance that interest rate hikes were unlikely in the near future fueled the relief trade. However, the optimism was tempered by his reluctance to suggest that rate cuts were imminent. This suggests that policymakers will need more time to assess the trajectory of inflation before considering easing measures.