US CPI data showed positive feedback on inflation, causing the meme market to begin a recovery. Top industry voices show displeasure toward meme tokens despite continued rallies.
among top gainers in the meme category. Their rise follows the release of US CPI data revealing a drop in inflation, beating analysts' expectations. Meme tokens surge following CPI report The US Bureau of Labor Statistics released the Consumer Price Index data for May on Wednesday. The CPI declined to 3.3%, lower than estimates of 3.4%. The reduced inflation sparked fresh hopes for the US economy but also impacted the price of several meme coins.
were among the top gainers in the meme category and showed no signs of a decline. Runes-based DOG-To-The-Moon and GME meme coin — unrelated to the GameStop company — have experienced the highest surge among these tokens, rising above 20%. The significant rise in GME may have resulted from GameStop's recent stock sales, which netted about $2.14 billion for the company. Following the move, short-seller Citron Research announced it is no longer short the company's stock.
follows with a 13% rise, and PEPE with a 10% rise at the time of writing. Despite the surge across meme coins, several key voices in the crypto industry have remained unimpressed by these tokens. Read more:Meme coins show signs of recovery following GameStop's bullish reversal A recent X post by crypto designer OxDesigner challenged the very nature of this class of cryptocurrencies and whether it has any real value to the crypto community.
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