Cryptocurrency traders awoke to an altcoin bonanza as a handful of meme tokens, along with some of the more established projects, staged double-digit rallies while Bitcoin (BTC) price slowly recovers to the $57,000 level.
The biggest event generating conversations across the crypto sector and social media is the rise of dog-themed tokens inspired by the recent mega rally from Dogecoin (DOGE). The more than 20,000% rally from DOGE has shocked value investors across the world and many Bitcoin maximalist and equities traders are scratching their heads in confusion, given that DOGE was originally created as a simple joke.
While DOGE has experienced a 40% pullback since reaching an all-time high at $0.74 on May 8, other canine-themed tokens have jumped out ahead of the pack to take the lead while Dogecoin takes a breather.
While Ether (ETH) continues to hold the $4,000 level as bulls successfully defend against any significant move to the downside, EOS, the once touted ‘Ethereum Killer’, has seen its price spike more than 40% after Block.one announced that it had secured $10 billion in funding for the creation of an EOS-based cryptocurrency exchange called Bullish Global.
The overall cryptocurrency market cap now stands at $2.449 trillion and Bitcoin’s dominance rate is 42.8%.
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