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05/02 01:59

Meme Coins Poised for Rebound Amidst Recent Market

Meme Coins Poised for Rebound Amidst Recent Market Decline
Reported by CryptoPotato, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK) are displaying indications of a potential rebound despite a recent slump in the meme coin sector. The sector's market capitalization has dipped below $50 billion, with DOGE, the sector's largest asset, witnessing a 15% decrease in weekly prices.

Nevertheless, the increasing count of active DOGE wallets, surpassing 54 million and marking a 13.8% rise in the last three months, hints at growing demand. Analysts foresee a significant bullish trend for DOGE in the near term, with some proposing a potential surge to the $1 mark if it replicates its past performance.

SHIB, often dubbed as the 'Dogecoin-killer', has also seen a notable price pullback. However, the revival of its layer-2 scaling solution, Shibarium, and an uptick in its token burning initiative, aimed at reducing token supply and potentially increasing value, indicate prospects for recovery.

Similarly, Bonk Inu (BONK) has exhibited signs of resurgence by surpassing Floki Inu (FLOKI) to join the top 5 largest meme coins. Despite the broader market correction, BONK's price has surged by over 50% in the past two weeks.

Additional meme coins demonstrating promise include Pepe (PEPE), which has garnered approval from multiple cryptocurrency exchanges, and Dogwifhat (WIF), the leading Solana-based meme coin and the fourth-largest overall, boasting a market cap of around $2.5 billion. WIF has garnered support from co-founder Arthur Hayes and has been building a growing community base.

In summary, despite the recent dip in the meme coin sector, several coins including DOGE, SHIB, BONK, PEPE, and WIF are indicating potential for recovery, signaling a potential resurgence in the forthcoming months.

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