Markets
Bonk and Pepe Outpace Bitcoin and Ethereum Gains in Strong Rally: Beat Biggies Dogecoin and Shiba Inu in Trading Volumes
May 20, 2024 11.05pm | 2 minute read
Memecoins took center stage in one of the best days for the cryptocurrency market, with the likes of Pepper (CRYPTO: PEPPER) AND Good (CRYPTO: BONK) turning out to be those who earned the most.
What happened: The market rallied on higher expectations than an Ethereum (CRYPTO: ET) spot approval of the ETF by the SEC, which Santiment said led to the highest market cap growth in three months.
Price action: While the rally was spurred by developments around Ether, memecoins stole attention once again, as popular coins like PEPE and BONK rose 27% and 23% respectively, according to data from Benzinga Pro.
Ethereum (CRYPTO: ET) based in PEPE rose to an all-time high of $0.000011, while the Solana (CRYPTO: SOLBONK, the meme coin based on ), jumped to a two-month high of $0.000031. The rest of the meme coin market also saw significant gains.
| Cryptocurrency | Earnings +/- | Price (recorded at 10pm EST) |
| Good (CRYPTO: BONK) | +27% | $0.000031 |
| Pepper (CRYPTO: PEPPER) | +23% | $0.000011 |
| Floki (CRYPTO: FLOKI) | +10.48% | $0.000211 |
Pepe’s trading volume rose to $2.16 billion in the past 24 hours, outpacing larger coins with larger market caps such as Dogemoneta (CRYPTO: DOGE) AND XRP (CRYPTO: XRP), Bonk achieved a volume of 850 million dollars, triumphing Shiba Inu (CRYPTO: SHIB)
Because matter: The latest rally reflects a strong appetite for meme coins, the cryptocurrency class which has seen 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 carrying a positive weight.
Such degrees of optimism could potentially help support the rally of the two meme coins.
Image via Shutterstock
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