DOGE, SHIB, PEPE, and BONK have recently seen price increases as cryptocurrency traders reinvest in high-risk tokens following news of a ceasefire in the Iran-Israel conflict on June 24, 2025. While the overall market has rebounded, performance varied among different tokens, with PEPE and BONK showing significantly higher gains than DOGE and SHIB.
This rebound occurred after nearly two weeks of market pressure. The Pentagon stated that the Iran-Israel conflict lasted from June 13 to June 24, 2025, aligning with the market's narrative of selling and subsequent recovery.
Both large and small meme tokens participated in this rally, but the gains differed significantly. DOGE remains a leader in this group, with a market cap of approximately $15.47 billion and a 24-hour trading volume of about $2.07 billion. SHIB's market cap is close to $3.67 billion, with a daily trading volume of around $151 million.
PEPE and BONK have shown more aggressive performance. PEPE's market cap is nearly $1.69 billion with a 24-hour trading volume of about $981 million, while BONK's market cap stands at approximately $574 million with a daily trading volume of $122 million.
These figures indicate that the price increases are not isolated phenomena. Increased trading volume typically signifies broader market participation, rather than price fluctuations driven by a few orders. PEPE's 19.9% surge, contrasted with DOGE's 6.1% rise, suggests a clear trader preference for more speculative meme tokens.
How the Iran-Israel Ceasefire Fueled Crypto's Risk-On Rally
The timeframe of the conflict was confirmed by official sources. The Pentagon, in its reporting following Israeli Prime Minister Benjamin Netanyahu's visit on June 25, 2025, mentioned that fighting between Iran and Israel occurred from June 13 to June 24, further reinforcing the view that the rally was driven by a sudden reduction in geopolitical risk, rather than a specific catalyst for a particular meme token.
Augustine Fan, quoted by CoinDesk, stated after the ceasefire news: "We expect the market to normalize quickly and move on from the latest geopolitical event." This accurately describes the market's price action, where macro pressures impacted the market, followed by a rebound as the immediate threat subsided.
Why Meme Tokens Outperformed Bitcoin and Ethereum in This Recovery
Meme tokens typically exhibit more exaggerated volatility within broader market trends. When traders become cautious, they tend to sell these tokens faster than mainstream ones like Bitcoin and Ethereum. Conversely, when risk appetite returns, these tokens rebound more sharply due to their greater reliance on market sentiment and weaker fundamentals. This dynamic played out again in the recent rally. DOGE and SHIB followed the overall altcoin rebound, but PEPE and BONK saw more significant gains.