Markets
Bonk and Pepe Outpace Bitcoin and Ethereum Gains Amid Scorching Rally – Beat Biggies Dogecoin and Shiba Inu in Trading Volumes
May 20, 2024 11:05 p.m. | 2 minutes of reading
Memecoins took center stage on one of the best days for the cryptocurrency market, with companies like Pepe (CRYPTO: PEPE) And Bonk (CRYPTO: BONK) proving to be the biggest winners.
What happened: The market rallied around higher expectations of a Ethereum (CRYPTO: ETH) spot approval of ETFs by the SEC, which resulted in the highest market cap growth in three months, according to Santiment.
Price action: While the rally was boosted by developments around Ether, memecoins once again stole the spotlight, as popular coins like PEPE and BONK rose 27% and 23%, respectively, according to data from Benzinga Pro.
Ethereum (CRYPTO: ETH) based on PEPE reached an all-time high of $0.000011, while the Solana (CRYPTO: GROUND), the BONK-based meme coin hit a two-month high of $0.000031. The rest of the meme coin market also saw significant gains.
| Cryptocurrency | Earnings +/- | Price (recorded at 10 p.m. EST) |
| Bonk (CRYPTO: BONK) | +27% | $0.000031 |
| Pepe (CRYPTO: PEPE) | +23% | $0.000011 |
| Floki (CRYPTO: FLOKI) | +10.48% | $0.000211 |
Pepe’s trading volume jumped to $2.16 billion in the last 24 hours, outpacing larger coins with larger market caps like Dogecoin (CRYPTO: DOGE) And XRP (CRYPTO: XRP), Bonk recorded a volume of $850 million, surpassing Shiba Inu (CRYPTO: SHIB)
Why is this important: The latest rally reflects a strong appetite for meme coins, the class of cryptocurrencies. which has made significant progress during this year.
Social analytics platform LunarCrush highlighted the bullish social media narrative around the two coins, with 82% of all BONK posts and 80% of PEPE posts being weighted positively.
Such degrees of optimism could potentially help support the two meme coins’ rally.
Image via Shutterstock
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