Cryptocurrency traders awoke to an altcoin bonanza as a scattering of meme tokens, along with some of the more established projects, staged double-digit rallies while Bitcoin (BTC) price slowly recovers to the $57,000 level.

The biggest upshot generating conversations across the crypto sector and social media is the rise of domestic dog-themed tokens inspired past the recent mega rally from Dogecoin (DOGE). The more than twenty,000% rally from DOGE has shocked value investors across the earth and many Bitcoin maximalist and equities traders are scratching their heads in confusion, given that DOGE was originally created as a simple joke.

While DOGE has experienced a xl% pullback since reaching an all-time high at $0.74 on May 8, other canine-themed tokens accept jumped out ahead of the pack to take the lead while Dogecoin takes a breather.

SHIB/USDT vs. ELON/USDT four-hr chart. Source: TradingView

Need for Shiba Inu (SHIB) has been so intense that buyers overwhelmed the Binance arrangement with deposits, causing the top substitution to run out of deposit addresses, while the Binance Smart Chain-based Australian Safety Shepherd (ASS) token has gained more than 400% in 24-hours. The Elon Musk-inspired Dogelon Mars (ELON) has al rallied 170%.

While Ether (ETH) continues to concur the $4,000 level equally bulls successfully defend against any pregnant move to the downside, EOS, the once touted 'Ethereum Killer', has seen its price spike more than 40% after Cake.one appear that it had secured $10 billion in funding for the cosmos of an EOS-based cryptocurrency commutation called Bullish Global.

Daily cryptocurrency market performance. Source: Coin360

Other notable altcoin gains include a 35% rally in the price of Yearn.finance (YFI) to establish a new record high at $77,041 and a 20% spike in the toll of Reef (REEF) to an intraday high of $0.508.

The overall cryptocurrency market place cap now stands at $2.449 trillion and Bitcoin's authorization rate is 42.8%.

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