There has been a market rally, in meme coins with Dogecoin DOGE -1.71% (DOGE) Shiba Inu (SHIB) Pepe (PEPE) and Bonk (BONK) experiencing increases, in value.
Dogecoin, one of the risers, in the market of 2021 celebrated its 10th anniversary with a noteworthy 20% surge in price reaching $0.106.
This increase puts Dogecoin at an 85% gain compared to Bitcoins 68% rise during the period. The creation of Dogecoin was a response to the hype surrounding Bitcoin BTC -1.30% and other early cryptocurrencies. It’s worth noting that the total value tied to DOGE has surged by 58% reaching $625 million within a week indicating a premium in futures when compared to spot prices.
Bonk, a meme coin based on Solana SOL -3.38% blockchain has experienced growth with a 370% surge over the past month. This surge has propelled Bonks market capitalization to $714 million surpassing Pepes market cap of $675 million. Key contributing factors behind Bonks rise include its listing on exchanges such as Binance and KuCoin well as a substantial increase in futures market interest, for Bonk.
Since its launch Bonk has recorded a gain of 6215% making it one of the successful mid cap meme coins over the past three months. Despite trends Bonk has maintained solid support levels reflecting robust investor confidence.
There is a prevailing sentiment, in the cryptocurrency market and factors such as the emergence of a golden cross have caught the attention of investors in Bonk. Moreover there are rumors circulating about the possibility of Bonk being listed on Coinbase as suggested by on chain activities indicating that Coinbase might be considering the token for listing.
Shiba Inu and Pepe have also seen gains. Shiba Inus price rose by 20% while Pepe experienced an increase of over 40%. The overall market capitalization of meme coins inched up by 8.7% within the 24 hours reaching a value of $23.2 billion. However despite the sentiment across the broader cryptocurrency market both Dogecoin and Shiba Inu recently experienced a decline, in their value.