Cryptocurrency enthusiasts surely recall the meme coin storm of 2021. The rise of Dogecoin followed by the excitement around Shiba Inu was on everyone’s lips at that time. The cryptocurrency market is now experiencing another rapid surge. Last night’s swift movements have helped the market recover. This recovery has also reflected on meme coins. There are significant developments on the BONK and PEPE front.
BONK Overtakes PEPE
Today, the crypto market witnessed a noteworthy event. BONK, a meme coin based on the Solana Blockchain, has surpassed PEPE in terms of market value. BONK‘s market value saw an increase of 85.66% last week, exceeding 1.4 billion dollars, while PEPE’s market value, despite a 173.89% increase, remained at 1.31 billion dollars.
The rise of meme coins in the crypto market has become a distinct trend lately. These cryptocurrencies, inspired by internet memes and culture, are attracting significant interest from investors.
Especially Dogecoin (DOGE) stands out in this field with a 52.5% increase over the last seven days, reaching a market value of 18.2 billion dollars. However, other meme coins like Shiba Inu (SHIB) are also noteworthy with a 40.2% jump to a market value of 7.8 billion dollars.
Meme Coins Attract Attention
Meme coins like BONK and PEPE are following in the footsteps of giants such as Dogecoin and Shiba Inu, capturing the interest of investors. This rise in meme coins could be interpreted as a sign of an increased willingness to take risks in the crypto market.
Part of this increase in meme coins can be associated with Bitcoin‘s impressive recent performance. This week, Bitcoin surged by 20.5%, breaking the 60,000 dollar barrier and lifting the entire crypto market.
Particularly, the growing interest around Bitcoin exchange-traded funds (ETFs) is further bolstering Bitcoin’s performance. For instance, BlackRock’s iShares Bitcoin ETF recorded an entry of 520 million dollars daily. This indicates a growing interest from both institutional and individual investors in the crypto market.
Bitcoin’s strong performance is not only proof of its resilience but also raises overall expectations for the crypto market, triggering value gains in altcoins and meme coins. This situation can be considered a positive indicator for the expansion and diversification of the crypto market.
