Meme Coin Mania: BONK Surpasses PEPE in Market Cap as Bitcoin’s Surge Sparks Altcoin Frenzy

Meme Coin Mania: BONK Surpasses PEPE in Market Cap as Bitcoin’s Surge Sparks Altcoin Frenzy

Crypto News – According to data from CoinGecko, BONK, a meme coin built on the Solana blockchain, has surpassed PEPE in market capitalization. BONK’s market cap now stands at $1.4 billion, marking a remarkable 90.5% surge over the past week. Meanwhile, PEPE’s market cap sits at $1.34 billion, despite its own impressive 184.9% rise during the same period.

The Rise of Meme Coins

The cryptocurrency market has witnessed an explosion in the popularity of coins, which are digital currencies inspired by internet memes and culture. Leading this trend is Dogecoin, boasting a market cap of $18.2 billion following a 52.5% increase over the last seven days.

Shiba Inu follows closely behind, with a market cap of $7.8 billion after a 40.2% jump. BONK and PEPE now join these giants, showcasing the growing investor interest in meme coins beyond the established contenders. This surge in meme coins reflects a growing risk-on sentiment within the meme coin market.

The Ripple Effect of Bitcoin

The recent surge in BONK, PEPE, and other cryptocurrencies can be attributed, in part, to Bitcoin’s stellar performance. Bitcoin has surpassed the $60,000 mark, reaching $61,998.83, with a 20.5% increase over the last week, thereby driving the entire crypto market upwards. This surge is largely fueled by escalating excitement around Bitcoin exchange-traded funds (ETFs), with significant inflows into these funds indicating growing institutional and retail interest.

For instance, BlackRock’s iShares Bitcoin ETF recorded a staggering daily inflow of $520 million. Bitcoin’s performance not only underscores its resilience but also serves as a catalyst for the broader cryptocurrency market, bolstering the prospects of altcoins and meme coins alike.