Trendy meme coins, PEPE and BONK, are among the top gainers in the past 24 hours, a feat that has seen both tokens outperform more than 90% of the top 100 performing crypto assets.
Interestingly, PEPE and BONK’s impressive market actions come at a period characterized by wild price declines across the general crypto market, attracting considerable attention among crypto enthusiasts as they marvel at how these two meme coins have managed to pull such remarkable market actions.
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In addition, questions about the possible implications of PEPE and BONK’s remarkable price actions on the meme ecosystem have also emerged, underscoring why the two meme coins have been generating so much buzz in the crypto community.
BREAKING: $PEPE and $BONK are both up 10% each today, despite the entire market being red. $FLOKI is breaking out and looks poised to follow. #Memecoins continue to show the most resilience of any crypto sector this cycle. pic.twitter.com/hY2zn1AmAe
— BITCOINLFG® (@bitcoinlfgo) June 12, 2024
PEPE And BONK Record About 10% Increment In The Past 24 Hours
According to CoinGecko’s price readings, the frog-themed meme cryptocurrency, PEPE, is changing hands at about $0.000013, reflecting an 11% upswing in the past 24 hours. The coin boasts a market cap of about $5.43 billion and a 24-hour trading volume of about $1.24 billion.
In addition, PEPE is currently ranked the twenty-fourth largest crypto asset and positioned as the third largest meme coin behind Dogecoin (DOGE) and Shiba Inu (SHIB).
On the other hand, BONK is ranked the fifty-eighth largest cryptocurrency by market capitalization of about $1.86 billion, a fully diluted valuation of $2.63 billion, and a 24-hour trading volume of $449.4 million.
Noteworthily, the Solana-based meme dog coin is trading at approximately $0.000028, reflecting an 8% upswing from the previous day. Among its fellow meme counterparts, BONK maintains the sixth place, below WIF and FLOKI, occupying the fourth and fifth positions, respectively.
Possible Implications For The Meme Ecosystem
While PEPE and BONK’s recent price movements will undoubtedly have possible impacts on the crypto market, the effects will be more pronounced on the meme coin ecosystem by potentially birthing new meme token leaders.
PEPE remains poised to clinch the top spot, as it has shown tremendous price drive actions to displace SHIB and DOGE since its launch in April 2023. While PEPE might have recorded a significant drop in market capitalization value, courtesy of the crypto market bloodbath – the coin’s recent price actions could be tending towards recovery and further price appreciation that might catch up with either SHIB or DOGE’s market cap.
Its always bullish when you can bounce off a multi-month support line
🐸$PEPE pic.twitter.com/lJythnxrVG— davie satoshi (@NFTdavie) June 12, 2024
Notedly, SHIB’s market capitalization is pegged around the $13.05 billion region, slightly more than twice that of PEPE. On its part, DOGE has a market cap of about $20.26 billion, almost four times PEPE’s worth.
Despite the marked difference between PEPE and the top meme assets, the frog-themed token still has higher chances of equaling them, with significant triggers like a potential Coinbase listing poised to catalyze the coin’s price ascent.
Conversely, BONK still has a relatively long way to go before it could begin to cause any notable changes in the meme coin ecosystem status quo. For now, the Solana-based coin remains focused on breaking into the top five meme crypto assets.
PEPE And BONK Outperforming More Than 90% Of Cryptos
Per PEPE’s risk assessment data on Coincodex, the frog-themed meme coin remains highly bullish with no significant risk concerns. Impressively, PEPE has increased by about 1,337% from the previous year. It has outperformed 96% of the top crypto assets, including Bitcoin (BTC) and Ethereum (ETH).
Similarly, BONK maintains a highly bullish sentiment, with no notable risk fears. The Solana-based meme coin has appreciated by about 9,770% in the previous year, outperforming 97% of the top-performing cryptocurrencies, including Ethereum (ETH) and Bitcoin (BTC).
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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