Kelvin Daminabo
Meme coins Bonk, Pepe, and Floki surge in value, leading the pack with impressive gains over the past week.
Bitcoin’s price movements have been uneventful this week, failing to make a significant impact seven days after its highly anticipated halving event. However, one category of cryptocurrency has emerged victorious: meme coins. Over the past week, Bonk has led the pack, surging 58% according to CoinGecko data.
The Solana-based token’s remarkable rise can be attributed to the Bonk DAO’s approval of a proposal to burn over 278 billion Bonk tokens. This move is seen as bullish, as it reduces the token’s supply and makes it scarcer. As a result, investors are flocking to Bonk, driving up its value and cementing its position as a top performer in the meme coin category.
Pepe, a popular meme token, has also seen significant growth, with a 36% increase in value this week. This surge is likely due to the ripple effect in the meme coin market, where one token’s success often boosts others.
The listing of Pepe perpetual contracts on Coinbase International, the global arm of the largest US crypto exchange, has also contributed to Pepe’s price action. This development has generated excitement among investors, driving up demand and propelling Pepe’s value upward. As a result, Pepe has joined Bonk as a top performer in the meme coin category.
In addition to Bonk and Pepe, other meme coins have also experienced significant growth. Floki, for instance, has seen a 20% increase in value over the past week, contributing to the meme coin category’s overall success.
Meanwhile, Hedera, a distributed ledger technology similar to blockchain, has made headlines with its impressive 32% surge in value. This growth is attributed to the announcement that digital asset exchange Archax will utilize Hedera to offer BlackRock’s ICS U.S. Treasury money market fund (MMF). As a result, the Hedera token has reached a price of $0.1086, making it one of the week’s top performers.
In contrast, Bitcoin’s price has remained stagnant at $62,991, showing minimal movement over the week. This lackluster performance coincides with a significant outflow of funds from newly approved Bitcoin exchange-traded funds (ETFs). Despite this, the meme coin category continues to thrive, captivating investors and driving market excitement.
In addition to Bonk and Pepe, other meme coins have also experienced significant growth. Floki, for instance, has seen a 20% increase in value over the past week, contributing to the meme coin category’s overall success.
Meanwhile, Hedera, a distributed ledger technology similar to blockchain, has made headlines with its impressive 32% surge in value. This growth is attributed to the announcement that digital asset exchange Archax will utilize Hedera to offer BlackRock’s ICS U.S. Treasury money market fund (MMF). As a result, the Hedera token has reached a price of $0.1086, making it one of the week’s top performers.
In contrast, Bitcoin’s price has remained stagnant at $62,991, showing minimal movement over the week. This lackluster performance coincides with a significant outflow of funds from newly approved Bitcoin exchange-traded funds (ETFs). Despite this, the meme coin category continues to thrive, captivating investors and driving market excitement.