Dogwifhat Leaps 20%, Dogecoin, Shiba Inu Climb As Memecoins Spike After Trump Announces Iran-Israel Ceasefire – Emeren Group (NYSE:SOL)
Memecoins erupted Monday as the cryptocurrency market made a sharp recovery following President Donald Trump’s ceasefire announcement in the Iran-Israel conflict.
What happened: Solana SOL/USD-based Dogwifhat led the gains, jumping more than 20% in the last 24 hours to become the market’s third-most successful cryptocurrency. The coin’s volume popped 75% to $518 million, indicating high trader interest and liquidity.
Bonk, another Solana-based memecoin, lifted more than 13%, while Ethereum ETH/USD-based Floki also made similar strides.
Meme heavyweights Dogecoin DOGE/USD and Shiba Inu SHIB/USD also staged strong recoveries, surging 7.20% and 9%, respectively.
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The meme coin market capitalization rose 9.52% to $52.74 billion in the last 24 hours, while trading volume recorded a 13.32% spike.
The Monday rally helped reverse some of last week’s losses, which were triggered by growing Middle East tensions and the U.S. involvement in the conflict. The memecoin market lost 26% of its value over the last week.
However, optimism returned after Trump announced a ceasefire between Iran and Israel, sending Bitcoin BTC/USD and the rest of the market higher. Notably, the Iranian Foreign Minister has denied any ceasefire agreement.
Photo Courtesy: Akif CUBUK on Shutterstock.com
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