Meme coins are enjoying their time in the green while Bitcoin (BTC), which experienced a downturn this week, has climbed 3% in 24-hour trading.
BONK, WIF, BRETT, and PEPE have all surged over 15% amid a broader meme coin rally. Let’s take a look at each.
Bonk
At the time of writing, Solana-based meme coin Bonk (BONK) was still up 12% in the last 24 hours.
The leading dog-themed Solana coin was trading at $0.000022 per data from CoinMarketCap (CMC). In the same time frame, its trading volume saw a drop of 1%, hovering around $319.5 million, suggesting traders could be holding on to their BONK tokens and expecting a further jump in price.
Moreover, BONK’s market cap was standing at $1.52 billion, marking it as the 50th largest cryptocurrency per CMC. Despite the latest price surge, the dog-themed meme coin is still down 52% from its all-time high of 0.000047, which it reached on March 4.
Dogwifhat
Dogwifhat has also seen a greater jump of 22%, currently trading at $1.99 as of press time. The 41st largest cryptocurrency in terms of market cap had a daily trading volume of $580 million per CMC.
At the time of publication, WIF’s market cap stood at $1.98 billion, holding the rank of 41st largest crypto asset. The canine-themed meme coin (also a Solana-based coin) is still down 60% from its all-time high of $4.85 attained on March 31.
Brett
BRETT, the meme coin launched four months ago, was still up 8%, trading at $0.12, according to CoinMarketCap (CMC).
During the same period, the meme coin — inspired by a character from illustrator Matt Furie’s “Boy’s Club” comic — had a daily trading volume of $42.7 million, down 29%.
Additionally, the crypto asset’s market cap rose to $1.13 billion, making it the 58th largest cryptocurrency, according to CMC.
Pepe
PEPE, an Ethereum-based meme coin, was also up 8.6% over the past day and exchanging hands at $0.0000090.
In the same timeframe, the daily trading volume of crypto assets hovered around $908 million, down over 32% per CMC. Meanwhile, its market cap had jumped by 8%, and it now stands at $3.8 billion.
The general surge in all these meme coins follows a rise in the largest crypto asset by market cap, Bitcoin, which had risen by 3% over the past day to $56,713 on Saturday. Its 24-hour lows and highs were recorded as $54,839 and $56,856, respectively.
Bitcoin’s dominance is currently 53.64%, a decrease of 0.31% over the day, reflecting a notable jump in altcoin market activity. Meanwhile, the global crypto market cap has risen by 3.2%, bringing its total market cap to $2.08 trillion.
The big jump in the meme coin market is often linked to Bitcoin’s performance due to its influence on the broader cryptocurrency market.
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.
