Against the backdrop of general optimism in the crypto market, there is not only an increase in the value of many cryptocurrencies, but also a significant increase in user activity.
Crypto-tokens with relatively low values, PEPE, WIF, and BONK, surprised by reaching new record highs. In-network data shows a massive spread of Bitcoin growth gains into meme coins, especially PEPE, BONK, and WIF.
When meme cryptocurrencies from the top capitalization rankings show a slump in activity, small-cap tokens attract more attention and show a surge in trading volumes.
As reported by CoinGape, PEPE Coin (PEPE), Dogwifhat (WIF), and BONK have all celebrated reaching new highs.
At the time of writing, the value of the PEPE token rose 18.2% overnight to $0.00001055, with a market cap of $4.54 billion.
PEPE is now the ninth most popular cryptocurrency, with a daily trading volume of $2.3 billion.
Amid the general optimism about cryptocurrencies, the price of PEPE surprised with a significant jump of 820% over the past two weeks, reaching its all-time high. Experts attribute such a rise in the PEPE price to the spread of speculation about the token's support of Elon Musk, whose manipulation of cryptocurrencies often causes their inexplicable growth.
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Dogwifhat (WIF) soared 30% overnight, hitting an all-time high of $3.0. The asset's market capitalization reached $3.0 billion. WIF's daily trading volume increased 100% to $700 million. In 14 days, the price of WIF has risen an impressive 700%.
WIF, Solana Network's meme token, raised over $650,000, advancing plans for a display on the Las Vegas skyline: a dog hat-shaped mascot with a Shiba Inu-inspired design will grace Las Vegas for a week.
The BONK meme token, also based on Solana, rose 13% overnight to an all-time high of $0.00003366. BONK's rise was driven by its successful listing on BitMEX and other leading exchanges. BONK's 14-day rise was an impressive 170%.
The Santiment platform informs about the significant growth of meme tokens amid the success of Bitcoin, which is now trading around $73,575.
Experts note a tendency in the crypto market to redistribute profits to speculative assets with low liquidity.