8 months ago
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With altcoins finally catching up to Bitcoin, meme coins such as Dogecoin, BONK, and PEPE have been in the spotlight. This outperformance from these meme coins has pushed their standing in the crypto market further, putting them ahead of large competitors.
Dogecoin Rallies 50% To Reclaim 9th Spot From Avalanche
While Dogecoin did start out the week on a slow note, it picked up the pace on Wednesday after Bitcoin’s price rose to $64,000. This rally saw the DOGE price go from $0.09 to over $0.1 in a matter of hours, before the wipeout that sent Bitcoin below $60,000.
Once the market recovered, Dogecoin began to move up once again, and by Thursday, its price touched above $0.13. This is the highest that the price has been since 2022 and it gave its market cap enough boost to not only re-enter the top 10 cryptocurrencies by market cap. But also to reclaim the 9th spot from Avalanche.
Dogecoin’s price has risen 50% in the last week and pushed its market cap above $18.1 billion. Avalanche had been occupying the 9th spot on this list after rising from $10 to $40 in the last few months. However, its market cap of $16.64 billion falls behind DOGE, putting it in 10th place on the list.
It is interesting to note that a week ago, Dogecoin had completely fallen out of the top 10 cryptocurrencies after Tron’s TRX saw its market cap rise. This will end up being short-lived as TRX has fallen out of the top 10 and now sits at 11th position with a market cap of $12.6 billion.
BONK Beats Out PEPE
In addition to Dogecoin, BONK, another meme coin, has also seen impressive growth during the time. According to data from Coinmarketcap, the BONK price has risen 30% in the last day to cross the $0.00002 threshold.
This outperformance comes in light of a notable surge in the daily trading volume of the meme coin. Its volume saw a 135% increase in the last day to reach $955 million. This rapid rise in volume suggests a rapid increase in investor interest in the coin, leading to its gains.
BONK’s market rose to $1.81 billion as a result of this, which put it ahead of PEPE with a $1.22 billion market cap. BONK now holds the spot for the third-largest meme coin in the space behind Dogecoin and Shiba Inu.
However, on the weekly chart, PEPE is outperforming BONK with 148% gains compared to BONK’s 74% gains. Following behind PEPE is dogwifhat (WIF) which rose 142.6% in the last week to reach an $820 million market cap.
Featured image from Gfinity Sports, chart from Tradingview.com
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