PEPE, WIF Skyrocket Over 25% in Day, Here Are Two Reasons

Surge in Meme Coins PEPE and Dogwifhat

In an impressive market movement, meme coins PEPE and Dogwifhat (WIF) have witnessed a remarkable rise, soaring over 25% in a single day.

PEPE's Performance

At the time of writing, PEPE, a cryptocurrency themed after the frog mascot, has surged by 27.35% over the past 24 hours, reaching a value of $0.00001215. Weekly gains have reached 34%. PEPE has extended its positive momentum into its third consecutive day, briefly reaching an intraday peak of $0.0000126.

Dogwifhat's Strength

Dogwifhat, a dog-themed coin built on the Solana network, has also experienced significant growth, rising by 24% in the last 24 hours, reaching a value of $2.21. Weekly gains stand at 31%. WIF achieved an intraday high of $2.26 and aims to extend its winning streak to five consecutive days.

Market Factors Contributing to Surge

The surge in PEPE and WIF prices aligns with a broader upswing across the cryptocurrency market. Bitcoin, the leading cryptocurrency, is currently trading above $63,000, continuing its positive trend.

Reasons for Rally

1. Cross-Sector Momentum:
The bullish sentiment towards major cryptocurrencies, such as Bitcoin, has positively impacted the meme coin sector, particularly benefiting PEPE and WIF. Other meme coins, including FLOKI, BONK, and SHIB, have also posted solid gains.

2. Favorable Economic Climate:
Investor optimism in the crypto market is partly attributed to favorable macroeconomic conditions and the Federal Reserve's potential stance as indicated by Jerome Powell's recent statements.

Recent Recognition

Additionally, the spotlight on these coins has contributed to the price surge. WIF and PEPE were recently recognized as among the top-performing coins for 2024.

According to Forbes, meme coins led by Dogwifhat and PEPE have outperformed Bitcoin, which has increased by 48% year to date. Out of approximately 70 coins with market capitalizations exceeding $1 billion, Dogwifhat emerged as the top returner with an increase of over 1,300%. PEPE secured the second-best performance, gaining nearly 800% in the first half of 2024.