BONK, a meme coin based on the Solana-based Solana blockchain, has surpassed PEPE in market capitalization, according to CoinGecko. data.
BONK, a meme coin based on the Solana-based Solana blockchain, has surpassed PEPE in market capitalization, according to CoinGecko. data.
BONK’s market cap now stands at $1.4 billion following a notable 90.5% rise over the past week, compared to PEPE’s market cap of $1.34 despite its impressive 184% rise. 9% during the same period.
The reign of the coins meme
The cryptocurrency market has seen an explosion in the popularity of meme coins, digital currencies inspired by memes and internet culture.
Leading the pack is Dogecoin (DOGE), with a market capitalization of $18.2 after an increase of 52.5% in the last seven days.
Shiba Inu (SHIB) is close behind, with a market capitalization of $7.8 billion after a 40.2% jump.
BONK and PEPE follow these giants, illustrating the growing investor interest in meme coins beyond the main contenders.
This rise in meme coins shows a growing risk sentiment in the meme coin market.
The Bitcoin Domino Effect
The recent rise of BONK, PEPE, and other cryptocurrencies can be partly attributed to the stellar performance of Bitcoin.
Bitcoin has surpassed the $60,000 mark, reaching $61,998.83, up 20.5% over the past week, driving the entire crypto market higher.
This rise is largely due to growing enthusiasm around Bitcoin exchange-traded funds (ETFs), with significant inflows into these funds indicating growing institutional and retail interest.
For example, BlackRock’s iShares Bitcoin ETF recorded a staggering daily inflow of $520 million. Bitcoin’s performance is not only a testament to its resilience, but also acts as a catalyst for the broader cryptocurrency market, raising the prospects of both altcoins and meme coins.
