Key Points
- Meme coins are experiencing a surge while Bitcoin (BTC) has climbed 3% in 24-hour trading.
- BONK, WIF, BRETT, and PEPE have all surged over 15% amid a broader meme coin rally.
The meme coin market is witnessing a surge as Bitcoin (BTC), despite a recent downturn, has seen a 3% rise in 24-hour trading.
Meme Coins on the Rise
Among the meme coins, BONK, WIF, BRETT, and PEPE have all seen a rise of over 15% amid this broader rally.
Bonk (BONK), a Solana-based meme coin, was up 12% in the last 24 hours at the time of writing. Despite a 1% drop in its trading volume, which now stands around $319.5 million, it seems traders are holding on to their BONK tokens in anticipation of a further price jump.
BONK’s market cap was at $1.52 billion, making it the 50th largest cryptocurrency. Despite the recent surge, the coin is still down 52% from its all-time high of 0.000047, reached on March 4.
Other Meme Coins Making Strides
Dogwifhat also saw a significant jump of 22%, trading at $1.99 at the time of writing. With a daily trading volume of $580 million, its market cap stood at $1.98 billion, ranking it as the 41st largest crypto asset. However, it is still down 60% from its all-time high of $4.85 achieved on March 31.
BRETT, another meme coin that was launched four months ago, was up 8%, trading at $0.12. Its daily trading volume was at $42.7 million, down by 29%. The market cap of this crypto asset rose to $1.13 billion, making it the 58th largest cryptocurrency.
PEPE, an Ethereum-based meme coin, was also up 8.6% over the past day, trading at $0.0000090. The daily trading volume of this crypto asset was around $908 million, down over 32%. Its market cap had jumped by 8%, now standing at $3.8 billion.
This surge in meme coins follows a rise in Bitcoin, the largest crypto asset by market cap, which had increased by 3% over the past day to $56,713 on Saturday. Bitcoin’s dominance currently stands at 53.64%, a decrease of 0.31% over the day, indicating a significant jump in altcoin market activity.
When Bitcoin performs well, it often leads to increased investor confidence and interest in alternative coins (altcoins), including meme coins. This phenomenon can create a positive feedback loop, where rising prices attract more investors, further driving up prices.
