Pepe Coin and other cryptocurrencies witnessed a positive trend in the market on June 7. Following initial value losses due to legal concerns, most assets’ recovery has been swift. Many large and mid-cap cryptocurrencies are trading at higher prices than the previous day, resulting in a total market valuation of $1.12 trillion, reflecting a 2.91% increase in the past 24 hours.
Among the gainers, Pepe Coin stands out as the second-largest performer, experiencing an impressive rally of nearly 15% within a day. Additionally, Dogecoin also made it to the top 15 list, occupying the 11th position and demonstrating a 5% appreciation during the same time period. As a result, Dogecoin’s valuation rose to $0.6948.
Elon Musk Declares Dogecoin ‘Winner’
It is important to note that meme coins were not explicitly mentioned in the mentioned lawsuits, which primarily targeted other large and mid-cap assets. The SEC lawsuit against Coinbase identified several cryptocurrencies as securities, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO. Similarly, in the Binance case, BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI were affected.
When Ethereum was excluded from the list in the Binance lawsuit, it helped the ETH/BTC pair withstand a correction. As meme coins were not mentioned in the filings, the community reacted positively, and many expect other coins in the same category to follow suit.
Amidst the ongoing chaos, Jack Dorsey suggested that Coinbase should focus primarily on Bitcoin, as it remains significantly ahead of other cryptocurrencies. However, Elon Musk disagreed and expressed his belief in Dogecoin’s ultimate success. Musk’s tweet stating “Doge ftw” indicated his support for Dogecoin.
Pepe Coin and Dogecoin experienced minor pullbacks on the shorter timeframe charts. Indicators like the RSI gradually moved towards the neutral zone, indicating decreased buyer influence and a reduced likelihood of sustained rallies for both cryptocurrencies.