Meme coins are currently basking in green while Bitcoin (BTC), after a recent downturn, has seen a 3% increase in 24-hour trading.
BONK, WIF, BRETT, and PEPE have all surged by more than 15% amidst a broader rally in meme coins. Let’s delve into each one:
**Bonk**
As of the latest update, Bonk (BONK), a meme coin based on Solana, has gained 12% in the past 24 hours. It is trading at $0.000022 according to CoinMarketCap (CMC). During this period, its trading volume experienced a slight 1% decrease, settling around $319.5 million. This suggests that investors may be holding onto their BONK tokens in anticipation of further price increases.
Moreover, BONK’s market capitalization stands at $1.52 billion, placing it as the 50th largest cryptocurrency by CMC standards. Despite its recent surge, this dog-themed meme coin remains 52% below its all-time high of $0.000047, which was achieved on March 4.
**Dogwifhat**
Dogwifhat has also experienced a significant increase of 22%, currently trading at $1.99 at the time of writing. Ranked as the 41st largest cryptocurrency by market cap, it recorded a daily trading volume of $580 million according to CMC.
At publication, WIF’s market cap stands at $1.98 billion, retaining its position as the 41st largest crypto asset. This canine-themed meme coin, also based on Solana, is still 60% lower than its peak of $4.85, achieved on March 31.
**Brett**
BRETT, a meme coin launched four months ago, has risen by 8% and is trading at $0.12, as per CoinMarketCap (CMC). During this period, it recorded a daily trading volume of $42.7 million, marking a 29% decrease.
Additionally, its market capitalization has climbed to $1.13 billion, making it the 58th largest cryptocurrency according to CMC.
**Pepe**
PEPE, an Ethereum-based meme coin, has seen an 8.6% increase in the last day, trading at $0.0000090. Meanwhile, its daily trading volume has decreased by over 32%, hovering around $908 million according to CMC. Its market cap has increased by 8%, reaching $3.8 billion.
The collective surge in these meme coins follows the rise of Bitcoin, the largest cryptocurrency by market cap, which increased by 3% over the past day to $56,713 on Saturday. Bitcoin’s trading range over 24 hours was between $54,839 and $56,856.
Bitcoin’s dominance currently stands at 53.64%, marking a 0.31% decrease over the day, indicating increased activity in the altcoin market. Meanwhile, the global cryptocurrency market cap has risen by 3.2%, reaching a total of $2.08 trillion.
The significant rise in meme coins often correlates with Bitcoin’s performance, given its influence on the broader cryptocurrency market. Positive movements in Bitcoin often lead to enhanced investor confidence and interest in alternative coins, including meme coins. This dynamic can create a feedback loop where rising prices attract more investors, thereby further driving up prices.
For more details:
– Bitcoin price drops below $55k as Mt. Gox announces repayments
– Altcoins face substantial losses as BTC retreats by 8%