The global cryptocurrency market has continued its rally, with Bitcoin (BTC) reaching $67,000, a level last seen on April 23rd. However, amidst the market rally, meme coins such as Floki, Pepe, and Bonk are dominating the top-trending tokens, while other popular meme coins like Dogwifhat and Book of Meme are among the top losers on CoinMarketCap.
The sudden rise of these meme coins can be attributed to the general optimism surrounding the entire digital asset market. Additionally, famous GameStop stock trader Keith Gill, who inspired the meme coin market rally of January 2021, tweeted for the first time since 2021, which may have contributed to the surge of interest in meme coins.
Why are Floki, Pepe, and Bonk surging?
Floki (FLOKI) is the self-proclaimed people’s cryptocurrency and utility token of the Floki Ecosystem. According to data, it has seen the most significant gains among all meme coins. Its value has surged by more than 10% on the last day and 24% on the previous seven days, and this spike can be attributed to a significant announcement from the FLOKI team.
In an official communication on their social media handle, the FLOKI DAO overwhelmingly voted to burn 15,246,000,000 FLOKI tokens, with 99.84% of the votes supporting the burn. This deflationary measure could positively impact FLOKI’s future price performance by reducing the circulating supply, which drives higher asset prices.
Pepe (PEPE) has also emerged as one of the top-performing memecoins in recent weeks. It has seen significant gains, with an over-6% increase in the last 24 hours and more than 20% in the past seven days alone. The meme coin’s price surged by over 100% during the previous 30 days, reaching an all-time high of $0.00001119.
Pepe (PEPE) Price Chart (TradingView)
The bullish momentum of Pepe (PEPE) suggests that the upward trend may continue, possibly establishing a new all-time high. The MACD indicator confirms this bullish trend, indicating that Pepe could reach $0.00002000 in May.
Lastly, the Solana-based meme token Bonk (BONK) has also entered the list of trending meme coins among traders. This comes after it bounced back from the $0.0000213 support level, driven by renewed positive sentiment in the cryptocurrency market.
Although it only saw a 2.8% increase in the last 24 hours, this marks the second rebound in three weeks and indicates a bottoming out of the correction trend, with a 12.5% increase over four days. This recovery has contributed to forming a bullish trend, suggesting a potential sustained rise in the price of BONK.
Dogwifhat (WIF) and Book of Meme (BOME) lead the top losers
Tokens such as Floki, Pepe, and Bonk are currently experiencing a surge in the market, while their meme coin counterparts, WIF and BOME, have faced significant losses over the past 24 hours. WIF has dropped by more than 6% in the last day, currently trading at $2.81.
The WIF price continues to display a neutral trend by trading in a tight range between $2.7775 and $3.0150. The meme coin has also dropped by over 10% in the past week, indicating a growing bearish sentiment for the dog-themed token.
Dogwifhat (WIF) Price Chart (CoinMarketCap)
The 4-hour chart shows a Death Cross in the Cross EMA 50/200-day, suggesting a high likelihood of bearish price action for the dogwifhat token in the upcoming days.
The BOME price has followed the trend of the WIF and remained neutral over the past week. However, the trading volume of this meme coin has dropped by over 50% to $429.50 million in the past day, indicating a negative outlook for the upcoming week, although we recently mentioned it as a top-performing altcoin.
