Memecoins Shiba Inu and Bonk have bounced back thanks to recent gains with both coins posting gains of over 30% in the past week.
Cryptocurrency markets have entered a long-awaited bull market, with Bitcoin and Ethereum reaching prices not seen since December 2021. The total cryptocurrency market cap reached $2.4 trillion for the first time since the FTX crash. However, the best memecoins have benefited the most from this market rally.
Despite falling 30% from its all-time high, Bonk surged more than 100% in February, recovering January’s losses. Shiba Inu (SHIB) also rose nearly 20% today to its highest level in a year.
Mimcoin has shown a positive correlation with Bitcoin price, and Memcoin holders are closely following Bitcoin price movements. Bonk’s rally also influenced the price of Solana, gaining momentum. That’s because the altcoin reached $131 today for the first time since April 2022.
The memecoin market has now grown by 25% to $34.3 billion. This is because the current memecoin market accounts for approximately 1.5% of the entire cryptocurrency market. The market’s rapid growth has resulted in significant gains for new meme tokens, with Baby Shiba Inu and Turbo soaring more than 100% this week.