Meme cash are having fun with their time within the inexperienced whereas Bitcoin (BTC), which skilled a downturn this week, has climbed 3% in 24-hour buying and selling.
BONK, WIF, BRETT, and PEPE have all surged over 15% amid a broader meme coin rally. Let’s check out every.
Bonk
On the time of writing, Solana-based meme coin Bonk (BONK) was nonetheless up 12% within the final 24 hours.
The main dog-themed Solana coin was buying and selling at $0.000022 per knowledge from CoinMarketCap (CMC). In the identical time-frame, its buying and selling quantity noticed a drop of 1%, hovering round $319.5 million, suggesting merchants may very well be holding on to their BONK tokens and anticipating an extra soar in price.
Furthermore, BONK’s market cap was standing at $1.52 billion, marking it because the fiftieth largest cryptocurrency per CMC. Regardless of the newest price surge, the dog-themed meme coin continues to be down 52% from its all-time excessive of 0.000047, which it reached on March 4.
Dogwifhat
Dogwifhat has additionally seen a better soar of twenty-two%, presently buying and selling at $1.99 as of press time. The forty first largest cryptocurrency by way of market cap had a day by day buying and selling quantity of $580 million per CMC.
On the time of publication, WIF’s market cap stood at $1.98 billion, holding the rank of forty first largest crypto asset. The canine-themed meme coin (additionally a Solana-based coin) continues to be down 60% from its all-time excessive of $4.85 attained on March 31.
Brett
BRETT, the meme coin launched 4 months in the past, was nonetheless up 8%, buying and selling at $0.12, in response to CoinMarketCap (CMC).
Throughout the identical interval, the meme coin — impressed by a personality from illustrator Matt Furie’s “Boy’s Club” comedian — had a day by day buying and selling quantity of $42.7 million, down 29%.
Moreover, the crypto asset’s market cap rose to $1.13 billion, making it the 58th largest cryptocurrency, in response to CMC.
Pepe
PEPE, an Ethereum-based meme coin, was additionally up 8.6% over the previous day and exchanging palms at $0.0000090.
In the identical timeframe, the day by day buying and selling quantity of crypto belongings hovered round $908 million, down over 32% per CMC. In the meantime, its market cap had jumped by 8%, and it now stands at $3.8 billion.
The final surge in all these meme cash follows an increase within the largest crypto asset by market cap, Bitcoin, which had risen by 3% over the previous day to $56,713 on Saturday. Its 24-hour lows and highs have been recorded as $54,839 and $56,856, respectively.
Bitcoin’s dominance is presently 53.64%, a lower of 0.31% over the day, reflecting a notable soar in altcoin market exercise. In the meantime, the worldwide crypto market cap has risen by 3.2%, bringing its complete market cap to $2.08 trillion.
The large soar within the meme coin market is usually linked to Bitcoin’s efficiency attributable to its affect on the broader cryptocurrency market.
When Bitcoin performs nicely, it usually results in elevated investor confidence and curiosity in different cash (altcoins), together with meme cash. This phenomenon can create a constructive suggestions loop, the place rising costs entice extra buyers, additional driving up costs.