Pepe and Bonk coin stood out in the market today by surging 10% when the entire crypto market was down in red.
The two memecoins performed positively in the market while other crypto assets including Bitcoin and Ethereum dipped in value.
The Crypto global market woke up on June 12 to a general market dip affecting most major cryptocurrencies. Top crypto assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA) were all in red.
Pepe and Bonk memecoins both recorded a 10% surge in price value during the market dip and their market capitalization also increased.
Unsurprisingly the two memecoins are among the top six largest memecoins by market capitalization. Pepe coin the frog-themed memecoin is listed third on the list while Bonk coin the Solana memecoin is listed in the sixth position.
Besides the 10% surge in price by the memecoins, Pepe has become the leading memecoin in terms of daily trading volume.
Pepe coin has surpassed $1.2 billion in daily trading volume beating Dogecoin to the number 1 spot. Dogecoin at second place has a daily trading volume of $1.1 billion.
Top crypto analysts highlighted the impressive performance of the two coins predicting a higher surge for both memecoins.
David Satoshi shared his opinion on X on the matter giving a graphical representation of the price surge of Pepe coin and why it is doing well despite the general market dip.
Clinton Fx a technical analyst team added to the discussion sharing their theory for the impressive performance of Bonk coin in the market during a downturn.
The Rise of Memecoins
Memecoins like Pepe and Bonk are fast becoming a very important aspect of the crypto industry. The category of crypto assets which started as a joke is now home to some of the best-performing crypto assets in the market.
Top Memecoins like Dogecoin and Shiba Inu both have a market capitalization of $20 billion and 12 billion respectively. Pepe comes in at third position with a market capitalization of $5 billion.
These meme coins are doing much better than some altcoins reflecting the growing importance of memecoins in the crypto industry.
What to Know
- Despite their surge in price and recent performance in the market, Memecoins remain high-risk assets due to their extreme volatility. Meme coins are notorious for double-digit crashes in price resulting in severe loss of money for their investors. Enthusiast are advised to do their due diligence and only invest money they can afford to lose.
- Meme coins are minor cryptocurrencies that represent internet memes. Dogecoin (DOGE) and Shiba Inu (SHIB) are among the largest meme coins by market capitalization. Meme coins are propped up by the communities behind them. for example, Dogecoin was promoted by Elon Musk in its flagship stages.
