Meme tokens shiba inu (SHIB) and dogecoin (DOGE) gained over 15% in the past 24 hours as risk-on behavior returned to crypto markets.
The rally came as ether (ETH) broke the $2,000 level on Sunday night ahead of the network’s Merge eventexpected in September. Bitcoin rose to over $25,000 for the first time since June.
SHIB rose as much as 30%, while DOGE gained 15%, before a price reversal in European morning hours as investors took profits. DOGE entered the top ten cryptocurrencies by market capitalization with a total valuation of just over $10 billion, ahead of Polkadot’s DOT token.
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