Meme coins appeared to stave off a brewing global financial contraction on Tuesday, with Ethereum token Pepecoin leading the pack.
PEPE climbed over 24% to $0.0000007673 on Tuesday morning, perfectly recovering the losses it incurred on Monday. Just yesterday, assets across the board—crypto and traditional markets—plummeted largely due to broader geopolitical and financial troubles.
The token, still worth a fraction of a cent, now sits at a market capitalization of roughly $3.22 billion. It is down some 35% in the last week overall.
Other meme coins came roaring back today after taking massive hits at the start of the week. BONK, Solana’s top meme coin, climbed nearly 18% this morning. At the time of writing, it is trading for $0.00001956 and sitting at a market capitalization of $1.3 billion. Like PEPE, BONK’s new gains have nearly erased the coin’s losses on Monday.
BONK’s neck-and-neck competitor for the honor of being Solana’s top meme coin, Dogwifhat (WIF), also enjoyed substantial gains. WIF is up over 14% today and currently trading for $1.4 billion—despite having fallen a whopping 40% in the last week.
The other biggest winner in meme land today was Ethereum favorite Shiba Inu (SHIB), which is up 18.4% today, to a market cap of roughly $7.9 billion. At the time of writing, SHIB is changing hands for $0.00001348.
Meanwhile, Base meme coin upstart Brett (BRETT) has climbed a staggering 46% to trade for $0.09245 on Tuesday morning. The meme coin, based on a character designed by Pepe the Frog artist Matt Furie, has now reached a market capitalization of $919 million.
Outside of the meme coin bubble, Solana also came back swinging with an impressive recovery on Tuesday. The token has surged over 19.6% in the last 24 hours, hitting above $143 before settling to $138.57 at writing. Yesterday, SOL fell to $110, its lowest showing in months.
While today’s meme coin surges outpaced the gains of other crypto assets like Bitcoin, they are in line with a broader narrative of recovering in the face of Monday’s global financial downswing. Asian stock markets recovered Tuesday after hitting historic lows the day prior; American markets also look poised for a bounceback.
Edited by Stacy Elliott.