Despite a weekend pullback, the meme coin market is showing strength today, with Bonk and Pepe up 4.6% and 7.8%, respectively.
Meanwhile, analysts rally behind the new meme coin Dogecoin20 as its presale nears $2 million in four days.
Bonk and Pepe Bounce As Meme Coin Market Thrives
In a continued display of strength, the meme coin market has pumped 8% today, currently holding a $53 billion market cap.
The recent uptick reflects a deep-rooted market appetite for meme coins, with prominent industry figures like Elon Musk returning to the sector after a long hiatus.
Bonk and Pepe, two blue-chip projects that rose from the depths of the 2023 bear market, have encapsulated this recovery following a weekend selloff.
Bonk is priced at $0.00002617, up 4.6% today and 101% this month, but down 17% this week. It holds a $1.7 billion market cap and a $405 million 24-hour trading volume.
Meanwhile, Pepe is priced at $0.000007609, up 7.8% today and 535% this month but down 15% this week. And with meme coin season ongoing, both cryptos are anticipated to advance.
TradingView analyst CryptoAnalystSignal predicts a leg up toward $0.000051 in the coming days, citing a strong “support area” around $0.000026.
The analyst also noted a triangle breakout to the upside, increasing the likelihood of a new high.
Moving to Pepe, trader Exponential Research believes it is one of the “strongest coins in both pump and dump situations,” noting its strong price and market data as reasons why.
The analysis highlighted that Pepe has been leading the recent market rallies and sell-offs, indicating high interest among traders.
Exponential Research’s analysis also notes that Pepe’s outperformance will drive more demand and that its funding rate recently reset, enabling sustainable and organic price action.
Bonk and Pepe look primed for further gains, provided the meme coin market continues to perform.
Still, the enigmatic market environment presents new opportunities daily. One of the most promising emerging contenders is Dogecoin20, a compelling presale that has raised $1.9 million in four days.
Trending Stake-to-Earn Dogecoin20 Nears $2M in 4 Days
Meme coin mania has spilled over into the presale realm as the newly launched Dogecoin20 raises almost $2 million in four days.
Indeed, the broader market appetite for meme coins has had an impact, but Dogecoin20’s distinct use case has also played a pivotal role in its success.
As a Dogecoin-inspired project, Dogecoin20 takes the crypto godfather’s memetic allure and intertwines it with cutting-edge utility and carefully engineered tokenomics, a recipe for lasting success.
While the original Dogecoin lacks utility, Dogecoin20’s innate Stake-to-Earn mechanism enables holders to earn passive rewards on their investment. They can currently garner a 401% APY, which will decrease as more tokens are staked.
Meanwhile, the project also builds on Dogecoin’s tokenomics, implementing a capped supply to stave off inflation and price dilution.
Moreover, Dogecoin20 is native to the Ethereum blockchain, offering accessibility and interoperability with the network’s vast ecosystem.
These benefits have drawn unwavering interest. In a recent YouTube video, analyst Cilinix Crypto said he bought the presale, displaying immense optimism about its future.
However, urgency and FOMO are kicking in as the presale price incrementally increases throughout the campaign. The next uptick will occur when it raises $2.3 million.