Meme Coins Show Potential for Recovery Despite Recent Market Downturn

According to CryptoPotato, Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK) are showing signs of potential recovery despite a recent downturn in the meme coin sector. The market capitalization of this sector has dipped below the $50 billion mark, with DOGE, the largest asset of this type, experiencing a 15% weekly price decline. However, the rising number of non-empty DOGE wallets, which have surpassed the 54 million level, a 13.8% increase in the last three months, suggests a growing demand. Analysts predict a substantial bull run for DOGE in the short term, with some suggesting that the asset’s value may reach the $1 milestone if it mirrors its performance from years ago. SHIB, self-proclaimed as the 'Dogecoin-killer', has also experienced a significant price retrace. However, the resurgence of its layer-2 scaling solution, Shibarium, and an increase in its token burning program, which removes tokens from circulation to make the coin scarcer and potentially more valuable, suggest potential for recovery. Bonk Inu (BONK) has also shown signs of resurgence, recently flipping Floki Inu (FLOKI) to join the top 5 largest meme coins. Despite the overall market correction, BONK's price has spiked by over 50% in the last two weeks. Other meme coins showing potential include Pepe (PEPE), which has gained approval from numerous cryptocurrency exchanges, and Dogwifhat (WIF), the biggest Solana-based meme coin and the fourth-largest in the realm, with a market cap of approximately $2.5 billion. WIF has received backing from BitMEX’s co-founder Arthur Hayes and has a growing community base. In conclusion, despite the recent downturn in the meme coin sector, several coins including DOGE, SHIB, BONK, PEPE, and WIF are showing signs of potential recovery, suggesting a possible resurgence in the coming months.