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TL;DR
- Solana-based meme coin Bonk Inu saw a 15% daily and 45% monthly price increase. Its market capitalization is nearing $2.5 billion, surpassing Floki Inu.
- Pepe (PEPE) is another meme coin making the headlines, hitting a new all-time high after a 110% monthly ascent. Its market cap exceeded $6 billion, making it the third-largest in its cohort.
BONK Surpasses its Rival
The cryptocurrency market has been booming lately amid expectations that the US Securities and Exchange Commission (SEC) will give the thumbs up on Ethereum ETFs before the end of this week. Somewhat expectedly, Ethereum (ETH) is among the best performers, registering a 6% increase on a daily scale and 30% over the past month.
However, it is not the only one well in the green, with other assets even outperforming its gains. An evident example is the Solana-based meme coin Bonk Inu, whose price jumped by 15% in the last 24 hours and 45% on a 30-day basis. The token currently hovers around the $0.00003683 mark, which is its highest level in almost three months.
BONK’s market capitalization is inching toward $2.5 billion, surpassing Floki Inu as the fifth-largest meme coin. FLOKI has a current market cap of $2.2 billion.
According to some analysts, BONK’s rally is nowhere near its end. The X user Crypto Chase claimed the asset is currently experiencing a “bullish breakout” after two months of consolidation. In their view, a potential correction could offer a great buying opportunity.
PEPE is the Rock Star
BONK is not the only meme coin making the headlines recently, with Pepe (PEPE) claiming much of the glory. The frog-themed asset hit an all-time high on May 22 only to see that record beaten today (May 23).
It is currently worth around $0.00001438 (per CoinGecko’s data), a whopping 110% jump on a monthly scale. PEPE’s market capitalization exceeded $6 billion, making it the third-biggest meme coin and the 24th-largest cryptocurrency.
Spiking by double digits in a short period of time is part of the meme coin’s nature. However, they can also be quite dangerous, with their infamous volatility leading to crucial losses for inexperienced traders. If you are about to enter the ecosystem, please check our video to protect yourself from some common mistakes:
This article first appeared at CryptoPotato
