Meme Coins Surge: DOGE and PEPE Gain 19% – Is the Bull Market Back?
Meme coins, which have long been dismissed as a joke in the cryptocurrency world, are once again making waves. Two of the most popular meme coins, DOGE and PEPE, have seen a significant surge in value over the past few days, with gains of up to 19%. This sudden rise has left many investors and market analysts asking one question:
Is the bull market back?
DOGE, which was created as a parody of Bitcoin (BTC) and modeled after the popular “Doge” Internet meme, has seen its price soar by around 15% in the past week. The coin’s value has risen from $0.069 to a high of $0.083, according to data from CoinMarketCap.
This surge in value comes after Tesla CEO Elon Musk tweeted about DOGE on April 15,
stating that he was working with engineers to make it possible for Tesla vehicles to accept Dogecoin as payment. Musk’s tweet caused a massive spike in DOGE’s trading volume, with over $1 billion worth of the coin changing hands in just one day.
PEPE, on the other hand, has seen even more dramatic gains, with its price increasing by a staggering 23% in the past week. The coin’s value rose from $0.00019 to a high of $0.00024, according to CoinMarketCap data.
This rise in value can be attributed to a number of factors,
including increased attention from social media influencers and the growing popularity of meme coins in general.
The sudden surge in value for both DOGE and PEPE has left many investors and analysts wondering if this is a sign that the broader cryptocurrency market is entering a new bull phase. While some are optimistic, others remain skeptical, warning that these gains could be short-lived and that investors should approach meme coins with caution.