Shiba Inu (CRYPTO: SHIB) and Pepe (CRYPTO: PEPE) notched sizable gains Tuesday even as the broader market sentiment was grim following Bitcoin's (CRYPTO: BTC) precipitous drop.
What happened: Frog-themed Pepe rallied over 6% in the last 24 hours, while the trading volume jumped 12.26% to over $1 billion. Among meme coins with over a billion dollars in capitalization, Pepe gained the most.
Chandler, a prominent Pepe bull, stated that, while the coin was down 70% from its highs, anyone buying the present dip would be up +800% in the next significant retrace.
Notably, just about 34% of Pepe holders were in profit at the current price, according to IntoTheBlock.
See Also: Peter Schiff Questions Michael Saylor-Led Strategy’s Leverage Bitcoin Play Amid MSTR Decline: ‘Massive Dilution Has Destroyed Shareholder Value’
Shiba Inu, another Ethereum (CRYPTO: ETH)-based meme coin, gained 4.12%, alongside a 16.83% jump in trading volumes. Solana (CRYPTO: SOL)-based Bonk rose over 5%.
Meanwhile, Dogecoin (CRYPTO: DOGE), the largest meme coin by market valuation, was up marginally by 0.20%.
The overall meme coin market capitalization rose 2.44% to $58.37 billion in the last 24 hours, marking a noticeable recovery.
The gains in meme coins contrasted with the downsides in Bitcoin, as the world's leading cryptocurrency plunged below $86,000 for the first time in over three months. Ethereum also traded flat as of this writing.
Image via Shutterstock
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