Crypto

Bonk, Pepe Outstrip Gains Of Bitcoin, Ethereum Amid Searing Hot Rally — Beat Biggies Dogecoin And Shiba Inu In Trading Volumes

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Memecoins took center stage on one of the best days for the cryptocurrency market, with the likes of Pepe PEPE/USD and Bonk BONK/USD turning out to be the highest gainers. 

What Happened: The market rallied on higher expectations of an Ethereum ETH/USD spot ETF approval by the SEC, resulting in the highest market cap growth in three months, according to Santiment.

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Price Action: While the rally was spurred by developments around Ether, memecoins stole the highlight yet again, as popular coins like PEPE and BONK grew by 27% and 23% respectively, according to data from Benzinga Pro.

Ethereum ETH/USD-based PEPE rose to an all-time high of $0.000011, while the Solana SOL/USD-based meme coin BONK bumped to a two-month high of $0.000031. The rest of the meme coin market also reported significant gains.

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Cryptocurrency Gains +/- Price (Recorded at 10 p.m. EST)
Bonk BONK/USD +27% $0.000031
Pepe PEPE/USD +23% $0.000011
Floki FLOKI/USD +10.48% $0.000211

Pepe’s trading volume surged to $2.16 billion in the last 24 hours, exceeding bigger coins with larger market caps like Dogecoin DOGE/USD and XRP XRP/USD, Bonk clocked a volume of $850 million, trumping Shiba Inu SHIB/USD

Why It Matters: The latest rally reflected a strong appetite for meme coins, the class of cryptocurrencies that has witnessed significant gains in the year.

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Social analytics platform LunarCrush highlighted bullish social media discourse around the two coins, with 82% of all BONK posts, and 80% of PEPE posts being positively weighted.

Such degrees of optimism could potentially help sustain the rally for the two meme coins. 

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Image via Shutterstock

Read Next: Bitcoin, Ethereum, Dogecoin Shoot Up On One Of The Best Days For Crypto In 2024 Amid Ether ETF Approval Buzz: Analyst Flags ‘Robust’ US Investor Demand for King Crypto

Market News and Data brought to you by Benzinga APIs

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