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In a remarkable price climb, meme coins PEPE and Dogwifhat (WIF) have surged over 25% in a single day.

At the time of writing, Pepe, a frog-themed cryptocurrency, was up 27.35% in the last 24 hours to $0.00001215, and up 34% weekly.  PEPE had earlier touched an intraday high of $0.0000126, extending its recovery into the third day.

Dogwifhat, a Solana-based dog coin, was up 24% in the last 24 hours to $2.21 at press time and is also up 31% weekly. WIF set an intraday high of $2.26 and is on track to post its fifth straight day of gains.

The surge in PEPE and WIF prices coincides with renewed bullish momentum across the broader crypto market. Bitcoin is currently trading above $63,000, continuing a strong upward trend over the last few days.

Two reasons for PEPE, WIF rally

A fresh bullish trend for major cryptocurrencies like Bitcoin has spilled over into the meme coin sector, with PEPE and WIF being major beneficiaries. The broader meme coin ecosystem is rallying, with FLOKI, BONK and SHIB, posting gains of 19%, 12% and 8%, respectively, in the last 24 hours.

This renewed optimism on the crypto market is partly due to favorable macroeconomic conditions, as investors weighed Federal Reserve Chair Jerome Powell's recent statements.

As reported, Powell indicated that the Fed might not wait until inflation is down to 2% before cutting rates, which appeared bullish for cryptocurrencies.

Another reason contributing to the price surge for WIF and PEPE partly stems from the recent spotlight cast on these coins, as a recent report named these two among the best-performing coins in 2024.

According to Forbes, meme coins led by Dogwifhat and PEPE have outperformed Bitcoin, which has increased by 48% year to date.

Dogwifhat was the top returner among the roughly 70 coins with market capitalizations greater than $1 billion, rising over 1,300%, while Pepe was the next best performer in the first half of 2024, gaining nearly 800%.