Why Dogecoin And Shiba Inu Should Be Concerned By Benzinga

Benzinga – by Khyathi Dalal, Benzinga Staff Writer.

Fueled by Bitcoin‘s rally to $50,000, Bonk (CRYPTO: BONK) and Pepe (CRYPTO: PEPE) printed significant weekly gains of 23.5% and 17.6%, respectively.

What Happened: The weekly gains of Bonk and Pepe easily surpass the single-digit gains posted by Dogecoin (CRYPTO: DOGE) (2%) and Shiba Inu (CRYPTO: SHIB) (5%).

Bitstamp, a centralized cryptocurrency exchange, announced today, Feb. 13, the listing of Pepe.

Lunarcrush data shows the meme coins by social activity are Dogecoin and Shiba Inu, with 12,500 and 11,300 users, respectively. Bonk and Pepe are ranked third and fourth, with 9,470 and 7,920 users respectively.

Bonk is ranked third by market capitalization among meme coins, with a market cap of $757.3 million, while Pepe ranks fifth with $450.2 million, according to CoinGecko data.

Also Read: ‘In Search Of The Next DOGE’ — Crypto Analyst Michael Van de Poppe Shares His Take On Solana’s BONK Meme Craze And Floki’s Real-World Assets Bet

Why It Matters: Analysts on social media are bullish on Bonk and Pepe:

$BONK making moves with a 7% price increase at $0.0000127993 – a promising entry point!

With Solana on the rise, Bonk looks appealing for investors eyeing growth opportunities! #BONK #CryptoInvesting #Solana #DYOR #NFA pic.twitter.com/UyEno4WDOa

— Blockchain Babe (@BabyyBlockChain) February 13, 2024

Long-term investor, Reed Carson took to X to highlight that the PEPE chart looks clean and is giving out super bullish vibes.

Crypto chart analyst Ali Martinez highlighted a technical Buy signal on the Pepe chart on Feb.10:

$PEPE is currently showing signs of forming the right shoulder of a head-and-shoulders pattern on its 3-day chart. Additionally, the TD Sequential indicator has issued a buy signal within this timeframe, suggesting an anticipated bullish impulse for #PEPE. pic.twitter.com/brSr7uln3z

— Ali (@ali_charts) February 10, 2024

Solana meme coins have been on trending for quite some time now. However, as fast as the tokens witness rallies, investors resorting to profit-taking leads to a significant price drop in the tokens.

Often boosted by celebrity endorsements or memes based on current events, these meme coins have gained popularity on the Solana network thanks to its fast and low-cost transactions.

CoinGecko data indicates the total valuation of Solana meme coins stands at 1.2 trillion, with a 24-hour trading volume of 185.8 million.

What’s Next: Another Solana meme coin seeing strong gains is Dogwifhat, which is up 80% on the week and is expected to rally further.

Read Next: Crypto Analyst Predicts Pepe Coin ‘To Be Breaking Out’ As Price Escapes Bearish Channel

Image: Shutterstock

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