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.
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.
| 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.
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.
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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