Meme coins are making a strong return, bouncing back from the recent market dip.
Shiba Inu and Pepe are leading the way – both of which have caught traders’ attention with their gains.
SHIB & PEPE Lead the Meme Coin Market Rebound
The meme coin market is green again, and Shiba Inu (SHIB) and Pepe (PEPE) are at the forefront.
SHIB has pushed back to $0.0000138, marking a 28% jump from yesterday’s low.
This rebound has nearly erased Sunday’s losses – giving SHIB holders something to smile about.
SHIB is now targeting the 50-period EMA on the 4-hour chart, a key point that could shape its short-term direction.
Traders are watching to see if the token can break through or if it’ll face a setback.
Not to be outdone, PEPE is also on a tear.
It’s jumped to $0.0000080, gaining 37% since yesterday’s low.
The rally began at $0.0000060 and has been going on ever since.
But PEPE’s comeback isn’t just about the price – spot volumes have surged past $2 billion, and open interest is up 15% to $86 million.
These moves show the meme coin market is far from dead.
Meme Coins See Widespread Recovery as Bitcoin Rallies
The meme coin market isn’t just seeing isolated gains – it’s a full-blown recovery.
Every meme coin has turned green since yesterday’s lows, with BRETT and MOG leading the way, up over 30% and 40%, respectively.
This surge has pushed the total meme coin market cap back above $37 billion.
Trading activity has exploded, with spot volumes hitting $9.4 billion since yesterday – almost double the previous day’s figures.
But meme coins aren’t doing all this themselves.
They’re following Bitcoin’s lead.
Bitcoin took a nosedive yesterday, hitting a low of $50,000, with Ethereum also joining the plunge.
The market saw over $1 billion in liquidations.
Yet, in true crypto fashion, the rebound was just as dramatic.
And as the big players recovered, they pulled meme coins up with them.
Interestingly, the Crypto Fear & Greed Index is still in “Extreme Fear” territory.
But for many traders, that’s a buy signal, and this contrarian approach might just be what’s fueling the current market rally.
Which Meme Coins Could Rally Next?
While established meme coins are enjoying the recovery, new contenders are also making their mark.
One project drawing attention is The Meme Games (MGMES) – currently in its presale phase and looking to shake up the meme coin sector.
The Meme Games Emerges as New Contender & Nears $350K in Presale
The Meme Games is an Olympics-themed project that’s already raised over $340,000 in early funding.
Its playful take on the 2024 Paris Olympics sets the project apart.
It features a competition among five popular meme characters, each representing a country.
Investors can back their favorite “athlete” in a 169-meter sprint, with a chance to win a 25% bonus on their investment if their chosen character wins.
But it’s not just about this racing game.
The Meme Games also offers some serious staking rewards, with APYs as high as 630%.
This high yield is designed to reward early investors, although it will decrease as more MGMES tokens are staked.
On the security front, The Meme Games team has done their homework.
MGMES’ smart contracts have been audited by SolidProof, giving investors peace of mind.
With over 16,500 followers on Twitter and a growing Telegram community, The Meme Games is clearly gaining momentum.
It’s set to list on DEXs on September 10th, right after the Paralympics end.
Some analysts, like Conor Kenny, believe that the MGMES price could explode post-listing.
Of course, like all meme coins, it’s hard to predict how the future will go.
But for now, The Meme Games is definitely one to watch as the meme coin market rebounds.
