TL;DR

  • Despite the cryptocurrency market downturn on June 12, Pepe (PEPE) and Bonk Inu (BONK) saw significant gains, both increasing by 10%.

  • PEPE’s daily trading volume surpassed $1.2 billion, outpacing Dogecoin (DOGE) and all other meme coins on that front.

Not Like the Rest

The cryptocurrency market keeps bleeding today (June 12), with numerous leading digital assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Cardano (ADA), and more, being in the red.

However, a few meme coins detached from the ongoing correction. Pepe (PEPE) and Bonk Inu (BONK) are some of the brightest examples, registering 10% price increases on a daily scale. They are among the six largest meme coins in terms of market capitalization, with the frog-themed holding the third position and the Solana-based placed in the sixth spot.

PEPE Price, Source: CoinGecko

Apart from witnessing a substantial price spike, PEPE has flipped all meme coins in one major metric. CoinGecko’s data shows that daily trading volume involving the asset has surpassed the $1.2 billion mark. Dogecoin (DOGE) is second, with its figure currently standing at around $1.1 billion.

Numerous industry participants noted the rallies of PEPE and BONK, predicting further surges in the near future. The X user davie satoshi suggested that the frog-themed meme coin bounced off “a multi-month support line” and is now heading towards new peaks. 

For their part, Clifton Fx spotted a “falling wedge formation in a 6-hour timeframe” for BONK. This pattern is characterized by converging trend lines where both the upper and lower lines slope downward. It may develop over a period ranging from several days to a few weeks and is considered a positive signal for the price. As such, Clifton Fx assumed that “a massive bullish wave” might be on the horizon.

Consider the Risks

Despite defying the current market correction, assets like PEPE and BONK remain risky for traders due to their infamous volatility. Their prices, just as the valuation of any other meme coin, can crash by double digits in a short period of time, triggering painful financial losses for investors.

Having that said, people should enter the ecosystem after proper due diligence and invest only as much as they are ready to lose. For more important tips, please check our dedicated video below:

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