Markets
Bonk, Pepe Outperform Bitcoin, Ethereum Gains Amid Sizzling Rally – Outperform Biggies Dogecoin, Shiba Inu in Trading Volumes
May 20, 2024 11:05 pm | 2 minutes reading
Memecoins took center stage in one of the best days for the cryptocurrency market, with names like Pepê (CRYPTO: PEPE) It is Bonk (CRYPTO: BONADO) proving to be the biggest winners.
What happened: The market met with higher expectations of a Ethereum (CRYPTO: ETH) SEC approval of spot ETF, resulting in largest market cap growth in three months, according to Santiment.
Price Action: While the rally was fueled by developments around Ether, memecoins stole the spotlight once again as popular coins like PEPE and BONK grew 27% and 23% respectively, according to data from Benzinga Pro.
Ethereum (CRYPTO: ETH)-based PEPE rose to an all-time high of $0.000011, while the Solana (CRYPTO: SUNThe )-based meme coin BONK hit a two-month high of $0.000031. The rest of the meme coin market also reported significant gains.
| Cryptocurrency | Earnings +/- | Price (recorded at 10pm EST) |
| Bonk (CRYPTO: BONADO) | +27% | $0.000031 |
| Pepê (CRYPTO: PEPE) | +23% | $0.000011 |
| Floki (CRYPTO: FLOKI) | +10.48% | $0.000211 |
Pepe’s trading volume rose to $2.16 billion in the last 24 hours, outperforming larger coins with larger market capitalizations such as Dogecoin (CRYPTO: DOGE) It is XRP (CRYPTO: XRP), Bonk recorded a volume of US$850 million, surpassing Shiba Inu (CRYPTO: SHIB)
Why this matters: The latest rally reflected a strong appetite for meme coins, the class of cryptocurrencies which witnessed significant gains in the year.
Social analytics platform LunarCrush highlighted the bullish social media discourse surrounding the two coins, with 82% of all BONK posts and 80% of PEPE posts having positive weight.
Such degrees of optimism could potentially help support the recovery of the two meme coins.
Image via Shutterstock
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