Benzinga - The memecoin market erupted on Wednesday, following impressive gains by Dogecoin, Pepe, and Bonk.
What Happened: The oldest and most popular memecoin, DOGE, snapped a week-long downtrend, to notch up gains of more than 4% in the last 24 hours. The coin's trading volume surged 3.76% to over $1.2 billion in the last 24 hours.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:50 p.m. EDT) |
| Dogecoin (CRYPTO: DOGE) | +4.40% | $0.144 |
| Bonk (CRYPTO: BONK) | +4.03% | $0.00002806 |
| Pepe (CRYPTO: PEPE) | +2.51% | $0.00001289 |
Solana (CRYPTO: SOL)-based memecoin BONK notched up healthy gains as well, reversing the string of losses seen over the past week. BONK's trading volume soared 10% to $410 million.
Frog-themed token PEPE saw volumes of more than $1.32 billion in the last 24 hours, exceeding Dogecoin.
The total memecoin market cap advanced 5.14% to $56.12 billion in the last 24 hours.
Why It Matters: The memecoin spike coincides with a broader market jump following positive inflation statistics issued earlier in the day.
With several analysts forecasting an imminent altcoin boom, the memecoin market could witness significant upsides in the days ahead.
A widely-followed cryptocurrency analyst and investor CEO drew a parallel between DOGE's and Bitcoin's (CRYPTO: BTC) trajectory.
The analyst remarked that DOGE stays around 80% of its record highs when Bitcoin enters price discovery mode, citing the 2017 bull cycle.
"Then it begins to surge once Bitcoin takes off," the trader added.
Study the behavior of $DOGE when $BTC enters price discovery mode.It tends to stay around -80% of its previous all-time high.
Then it begins to surge once #Bitcoin takes off.
Example: 2017 Cycle