Memecoins thrive in bull market as BONK, SHIB lead daily gains
Memecoins Shiba Inu and Bonk have rallied thanks to a recent run that has seen the two coins notch over 30% gains within the last week.
The crypto market has entered a long-awaited bull market, with Bitcoin and Ethereum reaching prices not seen since December 2021. The overall crypto market cap has reached $2.4 trillion for the first time since the FTX crash. However, the top memecoins have returned the most gains in this rallying market.
Despite falling 30% from its all-time high, Bonk has surged over 100% in February, recovering losses from January. Shiba Inu (SHIB) has also gained nearly 20% today, reaching its highest value in over a year.
The memecoins have seen a positive correlation with Bitcoin’s price, with memecoin holders closely following Bitcoin’s price movements. Bonk’s rally has also impacted Solana’s price to gain momentum, as the altcoin reached $131 today for the first time since April 2022.
The memecoin market also saw a 25% growth today, reaching $34.3 billion, as the meme coin market now represents approximately 1.5% of the entire crypto market. The market’s rapid growth also drives significant gains for new meme tokens, as Baby Shiba Inu and Turbo have spiked over 100% this week.
