Geopolitical concerns led to massive turmoil throughout the finance sector yesterday. Not only did the US stock market suffer a $2 trillion crash, but the crypto market was hit tremendously hard. Yet, Pepe (PEPE) has rebounded as much as 24%, as it leads the meme coin market’s double-digit recovery.
The Ethereum token has led the pack with a massive surge to start Tuesday. Over the last 24 hours, it has increased by more than 20%, according to CoinMarketCap. Yet, it has a long way to go to recoup its losses yesterday. The last seven days have seen the meme token lose more than 35% of its value.
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PEPE and Other Meme Coins Bounce Back From Crypto Market Crash
The cryptocurrency sector was shocked by a massive crash that took place Monday. Driven by overall concern in the stock market, a plethora of tokens saw dramatic drops in their price. Although some recovery has taken place, they have not been substantial. Bitcoin has only recovered 5%, reaching a price of $54,966.
That hasn’t been the case for Pepe and other meme coins, as it has increased as much as 24% and led a notable recovery for the sector. The token had received heights of $0.000000767 Tuesday. Moreover, its market cap is still holding fairly strong.
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The overall market value of PEPE still sits above $3.1 billion. Additionally, that figure has only increased more than 13% in the last day. Meme coin competitor BONK has also shown signs of life. The Solana crypto has increased as much as 18% after the market downturn that started the week.
Market newcomer Dogwifhat (WIF) also saw a reversal take place. The token was up as much as 14% Tuesday, despite dropping 40% over the course of last week. Finally, Shiba Inu (SHIB) proved to be a massive winner. The second largest meme coin by market cap increases as much as 18% on the day. Currently, it market cap is nearing the $8 billion mark.