Bonk Memecoin Star Of The Day, Shoots Up Nearly 20% — Pepe And Floki Chart Impressive Gains Leaving Dogecoin, Shiba Inu Trailing In The Dust

Memecoins rebounded with a strong rally Monday, with popular tokens like Bonk and Pepe featuring among the market's best performers.

What Happened: Solana SOL/USD-based canine coin, Bonk, became the biggest gainer in the last 24 hours. The meme token's trading volume surged 139% to $477 million, implying heightened demand from retail. 

Frog-themed Pepe was the second-best performer, with holders profiting more than 15% in the last 24 hours. The Ethereum ETH/USD-based token saw its volume jump 63% to $1.15 billion, the highest among memecoins. 

Established players like Dogecoin DOGE/USD and Shiba Inu SHIB/USD also recorded healthy gains of 4.30% and 3.78%, respectively.

The total memecoin market cap rose to $40.84 billion, marking an increase of 6.16% in the last 24 hours.

See Also: Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: ‘How Quickly Will SEC Turn These Around?’

Why It Matters: The memecoin rally comes as market heavyweights like Bitcoin BTC/USD showed signs of recovery. 

Meme tokens have been among the quickest to move this year when the market shows indications of revival. In fact, this category of cryptocurrencies was the most significant wealth multiplier for investors in the first half of 2024.

Image via Shutterstock

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