Memecoins were back in the green Thursday as the broader market recoiled after Monday’s plunge.

What Happened: Frog-themed token Pepe led the rally among large-cap memecoins. The Ethereum (CRYPTO: ETH)-based token recorded double-digit gains in the last 24 hours, erasing losses from Monday’s downturn.

Blue-chip currencies Dogecoin and Shiba Inu (CRYPTO: SHIB) also advanced, each rising more than 5% in the last 24 hours.

Solana (CRYPTO: SOL)-based tokens, dogwifhat and Bonk (CRYPTO: BONK), went further up with gains of 6.5% and 4.92%, respectively. 

The overall memecoin market cap rose 5.48% to $40.45 billion in the last 24 hours, indicating a positive sentiment.

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Why It Matters: The uptick coincided with bullish expectations for major memecoins, most notably Dogecoin, the largest in terms of market capitalization.

Popular cryptocurrency trader Altcoin Sherpa said on Thursday that the good thing about Dogecoin is that it has “fairly bottomed,” and investors could expect decent returns.  

Additionally, Shiba Inu, touted as the “Dogecoin Killer,” witnessed an eye-popping 137411.87% jump in burn rate in the last 24 hours, according to Shibburn, reflecting considerable deflationary pressure on the dog-themed token.

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