May 20, 2024 11:05 PM | 2 min read
Memecoins took center stage on one of the best days for the cryptocurrency market, with the likes of Pepe (CRYPTO: PEPE) and Bonk (CRYPTO: BONK) turning out to be the highest gainers.
What Happened: The market rallied on higher expectations of an Ethereum (CRYPTO: ETH) spot ETF approval by the SEC, resulting in the highest market cap growth in three months, according to Santiment.
Price Action: While the rally was spurred by developments around Ether, memecoins stole the highlight yet again, as popular coins like PEPE and BONK grew by 27% and 23% respectively, according to data from Benzinga Pro.
Ethereum (CRYPTO: ETH)-based PEPE rose to an all-time high of $0.000011, while the Solana (CRYPTO: SOL)-based meme coin BONK bumped to a two-month high of $0.000031. The rest of the meme coin market also reported significant gains.
| Cryptocurrency | Gains +/- | Price (Recorded at 10 p.m. EST) |
| Bonk (CRYPTO: BONK) | +27% | $0.000031 |
| Pepe (CRYPTO: PEPE) | +23% | $0.000011 |
| Floki (CRYPTO: FLOKI) | +10.48% | $0.000211 |
Pepe’s trading volume surged to $2.16 billion in the last 24 hours, exceeding bigger coins with larger market caps like Dogecoin (CRYPTO: DOGE) and XRP (CRYPTO: XRP), Bonk clocked a volume of $850 million, trumping Shiba Inu (CRYPTO: SHIB)
Why It Matters: The latest rally reflected a strong appetite for meme coins, the class of cryptocurrencies that has witnessed 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 being positively weighted.
Such degrees of optimism could potentially help sustain the rally for the two meme coins.
Image via Shutterstock
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Source: Bonk, Pepe Outstrip Gains Of Bitcoin, Ethereum Amid Searing Hot Rally — Beat Biggies
