Crypto Update: Meme Coins Steal Spotlight as Bitcoin Reaches $71K

• PEPE has soared by 63.63% to reach $0.00001467, setting a new all-time high.
• Similarly, Solana meme coins BONK, WIF, and BOME, surged by over 30%.
• However, Shiba Inu shoulders a 3% loss in the cumulative seven-day trajectory.

The meme coin landscape is once again leading the narrative as the crypto market enters the second phase of the bull cycle. With Bitcoin returning to the $71K range, some meme coins have taken the spotlight from Bitcoin, registering significant double -digit percentage growth.

Take PEPE, for example, which was trading at a mere $0.000008947 just a week ago. Today, it has skyrocketed by 63.63% to reach $0.00001467, setting a new all-time high.

Similarly, Solana’s premier meme coin, BONK, sold for $0.00002367 on May 16. By May 23, BONK had achieved a 46.39% rally that took its market value to $0.00003465.

Dogwifhat (WIF) and BOME, other prominent meme coins in the Solana ecosystem, have recorded a similar 30% uptick in their seven-day trajectory. Meanwhile, Shiba Inu, the second most valuable meme coin, has been on the sidelines while WIF, BOME, PEPE, and BONK surged.

Currently, Shiba Inu bears a 3% loss in the cumulative seven-day trajectory, making it the only prominent meme coin yet to commence its bullish resurgence with Bitcoin’s comeback.

Nonetheless, market analysts are confident that Shiba Inu’s next explosive gains are just around the corner. In a recent update, analyst Clifton highlighted the formation of a bullish pennant on Shiba Inu’s chart. Analysts Davie and “ Word of Charts ” have noted similar observations in separate analyses of Shiba Inu.

For context, a bullish pennant formation indicates that an asset is poised to continue an uptrend that began earlier before encountering temporary resistance. In Shiba Inu’s case, SHIB experienced an aggressive uptrend in early March that took its value to $0.000045 but then lost momentum.

These market watchers believe Shiba Inu could surpass the $0.00005 threshold during its comeback. Currently, SHIB trades at $0.00002533, down 3% in the last 24 hours.