Despite the weekend sell-off, the meme coin market is still showing strength today, with Bonk and Pepe increasing by 4.6% and 7.8% respectively.
Meanwhile, analysts are supporting the new meme coin, Dogecoin20, as its previous sale reached nearly $2 million in 4 days.
Bonk and Pepe Rise as Meme Coin Market Grows Strong
To continue to show strength, the meme coin market has increased by 8% today and currently holds a market cap of $53 billion.
The recent increase reflects the market’s deep demand for meme coins, with prominent figures in the industry like Elon Muskcoming back to this area after a long pause.
Bonk and Pepe, two blue-chip projects that have emerged from the deep of the market crash in 2023, captured this recovery after the weekend sell-off.
Bonk is priced at $0.00002617, up 4.6% today and 101% this month, but down 17% this week. It has a market cap of $1.7 billion and a 24-hour trading volume of $405 million.
Meanwhile, Pepe is priced at $0.000007609, up 7.8% today and 535% this month, but down 15% this week. And with the meme coin season upon us, both cryptocurrencies are predicted to rise in value.
Analyst CryptoAnalystSignal of TradingViewpredicts a rise to $0.000051 in the coming days, citing a strong “support zone” around $0.000026.
The analyst also notes a breakout of an ascending triangle, increasing the likelihood of reaching new highs.
Turning to Pepe, trader Exponential Researchbelieves that it is one of the “strongest coins in both inflationary and deflationary situations”, noting its strong price and market data as the reason why.
The analysis emphasizes that Pepe has led recent recovery and sell-offs, demonstrating high trader interest.
Exponential Research’s analysis also notes that Pepe’s superior performance will fuel even more demand, and its recent reset funding rate allows for sustainable and organic price action.
Bonk and Pepe seem poised for even greater profits as long as the meme coin market continues to operate.
