Dogwifhat Leaps 20%, Dogecoin, Shiba Inu Climb As Memecoins Spike After Trump Announces Iran-Israel Ceasefire

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 (CRYPTO: SOL)-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 (CRYPTO: ETH)-based Floki also made similar strides.

Cryptocurrency	Gains +/-	Price (Recorded at 12:05 a.m. ET)
Dogwifhat (CRYPTO: WIF)	+20.84%	$0.8364
Bonk (CRYPTO: BONK)	+13.59%	$0.00001394
Floki (CRYPTO: FLOKI)	+13.51%	$0.00007262

Meme heavyweights Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) also staged strong recoveries, surging 7.20% and 9%, respectively.

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 (CRYPTO: BTC) 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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