Memecoins Remain Bullish after Rallying the Most with Bitcoin’s Rise to $71K

Memecoins Remain Bullish after Rallying the Most with Bitcoin’s Rise to $71K

Ethereum flashed red on Wednesday, and memecoins, which were some of the biggest gainers in Monday’s flash rally, are also recovering along with the biggest altcoin by market capitalization.

Top cap memecoins continued their recovery on May 22, posting double-digit gains following BTC’s latest rally to $71,000.

At the time of writing, tokens in this sector had remained in recovery mode as the big crypto dropped back below $69,000.

Top memecoins performance. Source: CoinMarketCap
Top memecoins performance. Source: CoinMarketCap

Ethereum-based Pepe (PEPE) has rallied over 25% over the last 24 hours and is now priced at $0.0000138, according to CoinMarketCap data.

The token ignited to fresh peaks after news emerged that the native token of its underlying blockchain, Ethereum, was likely to get a node from the U.S. SEC for a spot Ether ETF, riding on the back of broader ETH hype.

Another rallying Ethereum-based memecoin is Floki (FLOKI), which rose by over 11% over the last 24 hours. Even so, the Ethereum-based token is still revelling in recent gains, up 33% over the past 30 days and 660% over the last 12 months.

Dog-Go-to-the-Moon, a community-led memecoin on the Bitcoin blockchain, also posted double-digit gains and rose 13%.

Within the top 20 coins and tokens, the two biggest memecoins were also flashing green following Bitcoin’s latest recovery. Shiba Inu (SHIB), the 12th-biggest digital asset by market capitalization, rose significantly after popping to its highest price since 2021 last week. It is up more than 2% on the day and is currently trading at $0.00002602.

Its rival, Dogecoin (DOGE), gained over 3% of its value on Wednesday. The dog-themed token is displaying strength above $0.165, as shown in the daily chart below. If the support at $0.160 holds, DOGE could rise from the current levels first to the $0.20 psychological level and later to the 2024 high of $0.2295. This would represent a 36% uptick from the current price.

TradingView chart: DOGE/USD
TradingView chart: DOGE/USD

On the downside, a daily close below $0.160 would see the price drop first toward the 50-day EMA at $0.155 and later to $0.14.

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