Bitcoin is flashing green on Wednesday, and memecoins, which were the biggest losers in Tuesday’s flash crash, are also recovering along with the big crypto.
After an amazing performance in March, the memecoins bled on April 2, posting double-digit losses, against BTC’s 6% slump to $65,321.
At the time of writing, tokens in this sector had begun their recovery as the big crypto climbed back above $66,000.
Top memecoins performance. Source: CoinMarketCap
Solana-based Book of Meme (BOME) has rallied over 7.5% over the last 24 hours and is now priced at $0.1849, according to data from CoinMarketCap.
The token ignited to fresh peaks after its launch in mid-March, riding on the back of broader Solana hype. Despite the correction yesterday, it’s still up more than 137% since its listing on March 16.
Another battered memecoin is Pepe, which fell by over 14% on Tuesday. Even so, the Ethereum-based token is still revelling in recent gains, up 22% over the past 30 days. PEPE has recovered nearly 1% over the last 24 hours and now teeters at $0.000007322 at the time of writing.
Dogwifhat (WIF)—the biggest gainer of all cryptocurrencies last week— managed to avoid much of the pain over the past day and fell by 1%. WIF is the largest gainer among the top-cap memecoins, rallying more than 6% over the last 24 hours to exchange hands at $4.07
Within the top 20 coins and tokens, the two biggest memecoins fell harder than Bitcoin. Shiba Inu (SHIB), the n12th-biggest digital asset by market capitalization, dropped significantly after popping to its highest price since 2021 last week. It has recovered more than 1% of these losses and is currently trading at $0.00002716.
Its rival, Dogecoin (DOGE), also dropped hard and lost over 12% of its value on Tuesday. The dog-themed token is recovering, as shown in the daily chart below. If the support at $0.1718 holds, DOGE could rise from the current levels first to the $0.20 psychological level and later to the 2024 high of $0.2295.
TradingView chart: DOGE/USD
On the downside, a daily close below $0.1718 would see the price drop first toward the 50-day EMA at $0.1532 and later to $0.14. The RSI dropped from 66 to 54 during the April 2 flash crash, suggesting that the price might be losing momentum.