Meme coins explode as Bitcoin surges with Dogecoin Shiba Inu and Pepe rebounding around 10 percent
Meme coins explode as Bitcoin surges with Dogecoin Shiba Inu and Pepe rebounding around 10 percent
As Bitcoin rebounded and eased pressure across risk assets, meme coins that had been hit the hardest came under a concentrated burst of short-term capital, staging a sharp rally.
As of 7:45 a.m. KST on February 7, data from cryptocurrency market tracker CoinMarketCap showed strong buying across the meme coin sector, with major tokens posting double-digit gains. The sector’s total market capitalization rose 10.98% over 24 hours to $31.52 billion, while trading volume increased 0.59% to $7.25 billion, indicating expanding participation during the rebound.
Among leading meme coins, Dogecoin (DOGE) climbed 10.75% over 24 hours to $0.099, while Shiba Inu (SHIB) rose 11.63% to trade around $0.000063. Pepe (PEPE) gained 11.39% and Bonk (BONK) advanced 10.03%, with major meme coins broadly joining the rebound. Pudgy Penguins (PENGU) also rose 11.59%, recouping part of its recent losses.
Volatility was even more pronounced among mid- and small-cap meme coins. MemeCore surged 18.16% over 24 hours, pushing its market capitalization above $2.1 billion, while SPX6900 (SPX) jumped 22.53%. Floki (FLOKI) and Dogwifhat (WIF) also posted rebounds of around 13%, underscoring a rapid influx of speculative demand. Notably, tokens that had seen the heaviest retail selling during recent sharp declines tended to record the largest rebounds.
The rally in meme coins is attributed first to a broader shift to a “risk-on” environment. As U.S. equities surged—led by the Dow Jones Industrial Average breaking above 50,000 points for the first time—risk aversion eased rapidly. In crypto markets, Bitcoin and Ethereum posted double-digit rebounds, prompting short-term capital to rotate into higher-risk, higher-volatility assets such as meme coins.
A second factor was the easing of technical oversold conditions. Many meme coins had fallen 15–25% or more over the past week, pushing their Relative Strength Index (RSI) into extremely oversold territory. As selling pressure waned, short-term trading funds flowed back in. In addition, after a substantial unwinding of leveraged positions in derivatives markets, the rebound was amplified by short-covering demand, further lifting prices.
Nevertheless, caution remains regarding the outlook. Market experts largely view the current meme coin rally not as a trend reversal but as a “technical bounce after a sharp drop.” If Bitcoin and the broader market fail to establish stable support levels, meme coins are likely to be among the first to face renewed corrections. In the near term, key factors to watch include whether trading volume is sustained and how supply is absorbed near recent highs following the rebound.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses based on it. The information provided should be interpreted solely for informational purposes.*
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