BONK overtakes PEPE in a sudden surge

Solana-based BONK, a meme coin based mostly on the Solana blockchain, has overtaken PEPE in market capitalization, based on CoinGecko data. 

BONK’s market cap now stands at $1.4 billion following a outstanding 90.5% surge over the previous week, versus PEPE’s market cap of $1.34 regardless of its personal spectacular 184.9% rise over the identical interval.

The reign of meme cash

The crypto market has seen an explosion within the reputation of meme cash, digital currencies impressed by web memes and tradition. 

Main the pack is Dogecoin (DOGE), with a market cap of $18.2 following a 52.5% improve over the past seven days. 

Shiba Inu (SHIB) trails behind, boasting a market cap of $7.8 billion after a 40.2% bounce. 

BONK and PEPE observe these giants, illustrating the rising investor curiosity in meme cash past the highest contenders. 

This surge in meme cash reveals rising risk-on sentiment within the meme coin market.  

Bitcoin’s ripple impact

The current surge in BONK, PEPE, and different cryptocurrencies may be attributed partially to Bitcoin’s stellar efficiency.

Bitcoin has soared previous the $60,000 mark, reaching $61,998.83, with a 20.5% improve over the past week, driving your entire crypto market upwards. 

This surge is basically fueled by the escalating pleasure round Bitcoin exchange-traded funds (ETFs), with vital inflows into these funds indicating a rising institutional and retail curiosity.

As an example, BlackRock’s iShares Bitcoin ETF recorded a staggering each day influx of $520 million. Bitcoin’s efficiency is not only a testomony to its resilience but in addition acts as a catalyst for the broader cryptocurrency market, lifting the prospects of altcoins and meme cash alike.