Outside Source
Holders of Pepe (PEPE) and Bonk (BONK) are celebrating this week as both tokens have experienced remarkable price surges.
Meanwhile, the new meme coin project Scotty the AI (SCOTTY) is also generating massive momentum in its ICO – and rapidly approaching the $1 million funding milestone.
PEPE Price Goes Parabolic as Trading Volumes Hit $1.9bn
PEPE has posted four bullish daily closes in a row, with a fifth looking highly likely.
The token is trading around the $0.0000033 level, which marks PEPE’s highest value since May 2023.
Over the past five days, PEPE has rocketed 178%, giving investors a taste of the momentum seen during the token’s original bull run in 2023.
Helping fuel this price surge is a colossal increase in spot trading volumes, which have reached $1.9 billion in the past day.
This volume propels PEPE to the ninth position among the most-traded cryptocurrencies, passing market veterans like Dogecoin (DOGE) and BNB (BNB).
PEPE’s surge is further fueled by an influx of “smart money” purchases.
According to data from Nansen, $1.7 million in investment rolled in over the past 24 hours, which is the fourth most for any crypto asset.
This suggests there’s growing confidence in PEPE’s prospects from major investors.
BONK Surges Amid Meme Coin Buying Frenzy
It’s not just PEPE that has been rising – fellow meme coin BONK is also experiencing a remarkable bull run.
Like PEPE, BONK has posted four consecutive daily closes and is now trading around the $0.000016 level.
During that time frame, BONK breached the key resistance level at $0.0000145, which hadn’t been broken since early January.
Although there hasn’t been a clear catalyst for the token’s rise, investors have still clamored to get involved in the uptrend.
Over $535 million worth of BONK traded hands in the past 24 hours – an 88% increase from the previous day.
BONK’s rise likely reflects the broader bullish sentiment surrounding meme coins.
According to CoinMarketCap data, the meme coin market’s total value has surged above $27 billion, representing an enormous increase from last month.
PEPE and BONK’s price spikes have helped reignite investor interest in the sector, which has also benefited from the positivity surrounding Bitcoin’s (BTC) bull run.
With the meme coin momentum showing no signs of slowing, there are likely to be further gains ahead for both established and under-the-radar tokens.
Scotty the AI Set for Lift-Off as AI-Powered Features Draw Huge Attention
One under-the-radar token that looks well-positioned to benefit is Scotty the AI.
Scotty the AI is a new meme-themed project hosted on Ethereum that combines AI technology with hilarious visuals.
The project’s main features are ScottyChat and Scotty Swap, both fueled by the native SCOTTY token.
ScottyChat is a decentralized chatbot providing users with insights into crypto trends and breaking market news.
Scotty Swap is Scotty the AI’s AI-powered DEX, aiming to simplify token swapping for beginner investors.
Both of these tools have caught the crypto community’s attention, with Scotty the AI’s Telegram channel attracting over 3,500 members in recent weeks.
Adding to the buzz is that Coinsult has audited Scotty the AI’s smart contracts – giving it a layer of legitimacy that many new meme coin projects lack.
Unlike PEPE and BONK, SCOTTY isn’t yet available on the open market.
However, the development team is hosting an ICO where investors can buy SCOTTY tokens at a discounted rate.
Tokens are currently on offer for just $0.0060, yet this price will gradually increase over time.
This setup has been received exceptionally well, with Scotty the AI’s presale fast approaching the $1 million funding milestone.
With BONK and PEPE’s price rise showing that investor appetite for meme coins is still strong, SCOTTY could be another winner when it lists on exchanges later this year.
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