Dogecoin, Shiba Inu Spike But Floki And Bonk Are Stars Of Monday's Meme Rally

Memecoins were up in the green Monday overnight, with Floki and Bonk leading the charge following Bitcoin's BTC/USD reclaim of $95,000.

What happened: Ethereum ETH/USD-based FLOKI hit a two-month high of $0.00009044 late in the evening, representing a 15% spike in the last 24 hours.

The rally propelled the dog-themed meme coin to become the third-largest cryptocurrency gainer in the 24-hour period. Trading volume jumped 128% to over $211 million.

The momentum comes ahead of the TOKEN2049 cryptocurrency conference in Dubai, where Floki’s Community Relations Officer is scheduled to give a talk on the importance of utility for meme coins.

See Also: SEC Zooms In On Nayib Bukele-Led El Salvador’s Crypto Regulation Model

Solana SOL/USD-based canine coin BONK failed to ascend to its early morning highs of $0.00002162. Its 24-hour gains, however, stood at over 9%. Bonk's trading volume soared to nearly $500 million, following a 75% spike.

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Mega-cap meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD rose 1.01% and 2.83%, respectively. Fartcoin (FARTCOIN) capitalized on its ongoing fad, surging 7.50%.

Overall, the meme coin market capitalization increased 3.28% to $56.28 billion, while the trading volume spiked 25.63% to $8 billion.

Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading

Photo Courtesy: Akif CUBUK on Shutterstock.com

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