Meme coins took center stage on one of the best days for the crypto market. pepe Pepe/USD and Bonk Bonk/USD It turned out to be the company with the highest price increase.
what happened: The market rebounded as expectations rose. Ethereum ETH/USD Santiment said the SEC's approval of spot ETFs resulted in the highest market capitalization growth in three months.
price action: Moves around Ethereum helped drive the rally, but meme coins also came back into the spotlight, with popular coins like PEPE and BONK up 27% and 23%, respectively, according to data from Benzinga Pro.
Ethereum ETH/USDThe base PEPE rose to an all-time high of $0.000011. Solana Sol/USDThe base meme coin BONK rose to a two-month high of $0.000031. The rest of the meme coin market also reported significant gains.
| cryptocurrency | Gain +/- | Price (recorded at 10pm ET) |
| Bonk Bonk/USD | +27% | $0.000031 |
| pepe Pepe/USD | +23% | $0.000011 |
| Flowki Floki/USD | +10.48% | $0.000211 |
Pepe’s trading volume surged to $2.16 billion in the past 24 hours, outpacing larger coins by market cap. dogecoin doge/usd and XRP XRP/USDBonk beat Trump with $850 million in trading volume. Shiba Inu SHIB/USD
Why it's important: The latest rally reflects strong demand for memecoins, a type of cryptocurrency that has seen strong gains this year.
Social analytics platform LunarCrush highlighted the bullish social media discourse surrounding the two coins, with 82% of all BONK posts and 80% of PEPE posts having a positive weight.
Such optimism could help sustain the rise of the two meme coins.
Image via Shutterstock
Read next: Bitcoin, Ethereum, Dogecoin soar to one of the best days for crypto in 2024 amid talk of Ether ETF approval: Analyst warns US investor demand for King Crypto is 'strong'
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