The meme coin market has seen intense competition recently between two unlikely crypto protagonists – Pepe the Frog and a dog coin called BONK. Both tokens have shown astonishing growth, but BONK currently reigns supreme as the 3rd largest meme coin while the resurrected PEPE hopes to leapfrog its way up the charts.
Keypoints
- PEPE coin price surged 40% over the past week, with 60% of holders now in profit. Active addresses and transactions have also increased.
- BONK gained 30% in 24 hours, flipping PEPE to become the 3rd largest meme coin by market cap behind Dogecoin and Shiba Inu.
- BONK and Solana saw massive spikes in trading volume over $1 billion each. Only Ethereum had higher volume.
- PEPE’s resurgence shows the dynamic nature of the crypto market. With more profits, activity, and transactions, it is solidifying itself in the meme coin space.
- BONK is trading at all-time highs and has strong price resilience. Its market cap and trading volume remain remarkably high.
PEPE coin triggered a new wave of FOMO this week after prices surged 40% in just one week. The meme coin marked some major milestones, with 60% of all holders now firmly in profit according to the latest statistics.
The development marks a turnaround for a coin that once ruled the meme coin space a few months ago before losing ground to the newcomer BONK. However, massive upticks in active addresses and transactions signal that investors are taking another look at the froggy token.
Despite all the hype surrounding PEPE’s revival, a new dog coin by the name of BONK has outshined all other meme coins recently. BONK increased 30% within 24 hours and officially claimed the #3 spot from PEPE by way of its $770 million market valuation. The only meme coins ranked higher are the veteran tokens Dogecoin (DOGE) at #1 and Shiba Inu (SHIB) at #2.
BONK’s remarkable ascendance shows no signs of slowing down either. As a crypto created on the Solana blockchain, BONK benefited from an ecosystem-wide explosion in trading activity this past week. An unbelievable $1 billion worth of BONK tokens exchanged hands within 24 hours, outpacing competing chains like Polygon, Avalanche, and Binance Smart Chain. Solana trails only Ethereum in terms of raw trading volume across all crypto networks.
For meme coin investors, BONK checks several boxes: surging prices, high trade volume and liquidity, accessibility on a high-growth blockchain network like Solana, and relative market dominance over competing animal coins.
Meanwhile for PEPE holders, all the positive signals in revived interest, user activity and profitability metrics look encouraging for future growth. PEPE coin aims to diversify beyond Ethereum in 2024 across chains like BNB Chain which could rapidly expand its reach. TikTok and Youtube influencers have also taken a liking to PEPE recently as the power of meme magic comes back into the spotlight.
As the crypto market shows signs of life and early mania, investors are once again punting risky bets on viral assets like meme coins.
Expect the race to heat up if the meme coin craze continues unfolding into 2024.
