Pepecoin (PEPE) is up over 79% on the week, leading a meme coin rally that’s seen Dogecoin (DOGE), Shiba Inu (SHIB) and Floki Inu (FLOKI) rise by double digits in the same timespan.

Over the week, Dogecoin has risen by 11.2%, Shiba Inu by 25.6% and Floki Inu by 30.9%, per data from CoinGecko.

The momentum has built over the week, with the total market cap of meme coins posting gains of 11% in the past day, over 2.5 times that of the 4.2% gains seen by the total market cap of all cryptocurrencies.

PEPE’s price chart shows that a considerable portion of the surge came late on June 21, likely following Bitcoin’s strong bullish action above $30,000. At time of going to press, PEPE is up over 43% in the last 24 hours, at $0.00000151.

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Besides an uptrend in Bitcoin pulling PEPE along in its wake, U.S.-based Gemini exchange also hinted at a PEPE listing.

Shiba Inu developers, meanwhile, announced the launch of Shibacals, a protocol to tag real-world assets as NFTs, likely boosting positive sentiment around the dog-themed meme coin.

Shibacals will employ Near Field Communication (NFC) chips to digitally authenticate physical items on the Shibarium blockchain. An NFC chip enables wireless connection over short distances.

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Shibarium is a Ethereum layer-2 blockchain that uses SHIB, Bone (BONE) and Leash (LEASE) tokens for ecosystem development.

Crypto sentiment turns bullish 

The Crypto Fear & Greed index by alternative recorded a steep rise in the last two days, touching two-month levels of 65, indicating a rise in bullish sentiment.

Crypto fear and greed index. Source: alternative
Crypto fear and greed index. Source: alternative

The index quantifies the crypto market’s sentiment by using signals such as Google trends, surveys, price action, and volume momentum. The metric fluctuates between 0 to 100 with higher values representing overbought conditions and vice-versa.

The total cryptocurrency market cap reached $1.22 trillion on Thursday, erasing the losses incurred in June after the U.S. Securities and Exchange Commision brought lawsuits against Binance and Coinbase.

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