Bitcoin is flashing green during the early Asian trading session on Wednesday, Aug. 7 and memecoins, which were the biggest losers in the recent sell-off, are also recovering along with the big crypto.
After an amazing performance in the part of last week, the memecoins has been bleeding since the start of the weekend, posting double-digit losses, alongside BTC’s 20% slump to $59,577.
At the time of writing, tokens in this sector had begun their recovery as the big crypto climbed back above $57,000.
Top memecoins performance. Source: CoinGecko
Solana-based Dogwifhat (WIF) has rallied over 26% over the last 24 hours and is now priced at $1.75, according to data from CoinMarketCap.
Another battered memecoin is PPOCAT, which fell by over 65% between Aug. 2 and Aug. 5 and is up 38% over the last 324 hours. Cat in a Dogs World (MEW) has recovered nearly 17% over the last 24 hours and now teeters at $0.005684 at the time of writing.
PEPE, the largest memecoins within the Ethereum ecosystem, managed to recoup some of the losses made over the last 5 days and is up 7% on the day. BRETT, a memecoin built on the Base layer-2 blockchain, has rallied more than 16% over the last three days to exchange hands at $0.09821. It is up 6% over the last 24 hours.
Within the top 10 coins and tokens, the two biggest memecoins also fell harder than Bitcoin. Shiba Inu (SHIB), the 15th-biggest digital asset by market capitalization, dropped significantly after reaching a high of $0.00001792 on July 16. It has recovered approximately 2% of these losses and is currently trading at $0.000008226.
Its rival, Dogecoin (DOGE), also dropped hard and lost over 21% of its value over the last seven days. The dog-themed token is recovering, as shown in the daily chart below. If the support at $0.09 holds, DOGE could rise from the current levels first to the psychological level of $0.11 and later to the range high at $0.13.
TradingView chart: DOGE/USD
On the downside, a daily close below $0.09 would see the price drop first toward the support $0.085 and later to the local low at $0.08049. The RSI has risen from 27 to 36 over the last 48 hours, suggesting that the price might be gaining momentum.
