Memecoin Explosion: Pepe Soars to New Highs, Bonk Hits $2B Market Cap

In a significant development for the memecoin market, two meme-inspired tokens, Pepe ($PEPE) and Bonk ($BONK), have achieved new milestones.

According to data from CoinMarketCap, $PEPE experienced a 20% surge to hit a new all-time high (ATH) of $0.0000127. May 21. On the other hand, Solana-based memecoin Bonk saw a price increase that propelled its market cap to a staggering $2 billion.

Memecoin Market Soars 

The latest development comes as the memecoin market continues to record significant gains since the beginning of the year. CoinMarketCap data shows that the memecoins market cap currently stands at $59.5 billion, surging by nearly 12% on the day.

With its current price, $PEPE is now ranked 24th among the top cryptocurrencies by market capitalization. This came after the new peak propelled its market cap to around $5.3 billion. Moreover, the Ethereum-based memecoin is the third largest memecoin in the market, trailing only Dogecoin ($DOGE) and Shiba Inu ($SHIB). 

One long-term $PEPE holder made significant gains after the token hit this new peak. According to Lookonchain monitoring, the trader bought $83 worth of $PEPE back in 2023 without selling. This tiny investment has now skyrocketed to a whopping $79.4 million today, marking a 958,580x gain.

The $PEPE price just hit a new all-time high!

This diamond trader turned $83 into $79.4M by buying and holding $PEPE, a gain of 958,580x!

3 wallets(belonging to the same person) spent only 0.041 $ETH($83) to buy 6.44T $PEPE($79.4M), and have never sold any $PEPE to date.… pic.twitter.com/CeLmbmVogz

— Lookonchain (@lookonchain) May 21, 2024

Analysts believe that $PEPE may soon overtake $ SHIB, citing the potential approval of an Ethereum spot exchange-traded fund (ETF). Additionally, they projected that memecoins on Ethereum are expected to rally with the approval.

Bonk Hits $2B Market Cap 

Meanwhile, with a $2 billion market cap, $BONK has risen to maintain the 55th position in top cryptocurrency by market cap. Moreover, the dog-themed memecoin is the 5th largest memecoin by market capitalization.

At the time of filing this report, $BONK was trading at $0.00003196, marking a 24.72% surge in the last 24 hours. On the other hand, $PEPE trades at $0.00001259, representing a 33% rise on the day.