BONK, PEPE, and Dogecoin (DOGE) Price Rebound, DOGE Eyes $0.42

The meme coin space is bouncing back, with tokens like Dogecoin, PEPE, and BONK posting notable gains in the last 24 hours.

Meme coins like Dogecoin, PEPE, and BONK have posted gains in the last 24 hours, as the broader crypto market shows signs of recovery following Tuesday’s sell-off.

Meme Coins Bounce Back After Tuesday’s Losses

After falling over 10% on Tuesday, meme coins have rebounded as Bitcoin price rose back above $95K. These tokens had crashed following the market sell-off, which was triggered by a sell-off in Bitcoin and other large-cap cryptocurrencies.

However, with Bitcoin now recovering and trading at a higher level, the meme coin sector is once again showing signs of leading the market.

For instance, BONK is up 3.5% today, trading at $0.00004358. The token is still down 18% over the past seven days, remaining far from its recent all-time high of $0.00005916.

On the other hand, PEPE has fully recovered from last week’s losses, with its weekly performance now showing a 0.51% gain. PEPE surged 6% today and is now trading at $0.00001955. It is still down 22% from its all-time high of $0.00002524, which was set two weeks ago.

At press time, the meme coin market leader, Dogecoin, has climbed back into the $0.40 price range, with a 3.18% uptick today. Trading at $0.4066, Dogecoin’s weekly performance has improved to a 4.75% gain.

Those who purchased Dogecoin last week, when it traded at a multi-year high of $0.4775, are still facing losses on their investment.

Dogecoin Price Action

According to market participants like Ali Martinez, Dogecoin must maintain its price above the psychological $0.40 level for its bullish momentum to continue. If it falls below $0.40, it could drop to $0.34 before recovering, Martinez said.

One of the key factors supporting Dogecoin’s bullish potential is the recent announcement of an exchange-traded product (ETP) focused on Dogecoin by asset manager Valour.

This development has sparked speculation about the possible launch of an ETF that invests directly in Dogecoin.