Meme coins are basking in green today, contrasting with Bitcoin (BTC), which saw a decline earlier this week but has now risen by 3% in 24-hour trading.
BONK, WIF, BRETT, and PEPE have all surged over 15% amid a broader rally of meme coins. Let’s delve into each of them.
**Bonk**
As of the latest update, Solana-based meme coin Bonk (BONK) remains up by 12% over the last 24 hours. This leading dog-themed Solana coin is currently trading at $0.000022 according to CoinMarketCap (CMC). Despite a 1% drop in trading volume to around $319.5 million, there are signs that traders might be holding onto their BONK tokens in anticipation of further price increases.
Moreover, BONK’s market cap stands at $1.52 billion, positioning it as the 50th largest cryptocurrency on CMC. Despite the recent surge, this dog-themed meme coin is still down 52% from its all-time high of $0.000047 reached 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 boasts a daily trading volume of $580 million according to CMC.
At publication, WIF’s market cap was reported at $1.98 billion, maintaining its position as the 41st largest crypto asset. This canine-themed meme coin, also based on Solana, remains down 60% from its peak of $4.85 achieved on March 31.
**Brett**
BRETT, launched just four months ago, is up by 8%, trading at $0.12 as per CoinMarketCap (CMC). During the same period, the meme coin inspired by Matt Furie’s “Boy’s Club” comic series saw a daily trading volume of $42.7 million, a decrease of 29%.
Additionally, the crypto asset’s market cap has climbed to $1.13 billion, securing its place as the 58th largest cryptocurrency on CMC.
**Pepe**
PEPE, an Ethereum-based meme coin, has also seen an 8.6% increase over the past day, trading at $0.0000090. During this period, daily trading volume hovered around $908 million, down by over 32% according to CMC. Meanwhile, its market cap has risen by 8%, now standing at $3.8 billion.
The overall surge in these meme coins mirrors the recent rise in Bitcoin, the largest cryptocurrency by market cap, which increased by 3% over the past day to $56,713 on Saturday. Bitcoin’s 24-hour range was between $54,839 and $56,856.
Bitcoin’s dominance is currently 53.64%, a slight decrease of 0.31% over the day, indicative of increased activity in the altcoin market. Meanwhile, the global crypto market cap has risen by 3.2%, reaching a total of $2.08 trillion.
The significant rise in meme coins is often correlated with Bitcoin’s performance, given its influence on the broader cryptocurrency market. A positive performance by Bitcoin typically boosts investor confidence and interest in alternative coins (altcoins), including meme coins. This cycle often leads to a positive feedback loop where rising prices attract more investors, further driving up prices.
For more information, read: Altcoins experience substantial losses as BTC retreats by 8%.