Top meme coins are rising today, with Bonk, Pepe Coin, Shiba Inu, and Trump being the leading gainers. Bonk token jumped by 16% in the last 24 hours, while Pepe Coin and Shiba Inu soared by 15% and 5%, respectively. Other top gainers included Official Trump, MemeCore, and Dogecoin.
The market cap of all meme coins jumped by 4.6% in the last 24 hours to $28 billion. This recovery mirrors developments in the broader crypto industry, with Bitcoin, Ethereum, and XRP rising modestly overnight. The market capitalization of all tokens rose by 2.17% in the last 24 hours to $2.17 trillion.
These tokens are rising in a low-volume environment as many Americans are in celebration mode this weekend. They are celebrating the country’s 250th anniversary.
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The rally is also driven by recent US macro data, which showed the economy created just 57k jobs in June. The jobless rate improved modestly, falling from 4.3% to 4.2%. More data showed that the manufacturing and services PMIs softened slightly last month.
These numbers mean that the economy is not as strong as initially thought, a development that may affect the Federal Reserve’s actions. Instead of hiking interest rates, analysts now predict that the bank will leave them steady for the remainder of the year. Odds of a rate hike have moved below 50% on Polymarket.
Bitcoin and other meme coins do well when the Federal Reserve is either cutting rates or signaling it will cut soon. This is happening at a time when the Crypto Fear and Greed Index has moved into the extreme fear zone, where rebounds typically start.
These meme coins are also rising as investors buy the dip, since many of them have tumbled by over 70% this year. This retreat has been driven by the rotation from the crypto industry to the booming AI sector, as evidenced by the surging stock market ETFs.
Still, it is unclear whether the ongoing meme coin rally is the start of a new bull run. As we have seen in the past. Instead, the most likely scenario is a brief dead-cat bounce, meaning these tokens may resume their downtrend soon.
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