The prices of many meme coins have surged. Dogecoin and BONK in particular are seeing double-digit gains, with prices rising more than 20% each in the past 7 days. This trend has caught the attention of the crypto community, prompting discussions about the factors driving this momentum.
According to Santiment, a leading analytics platform, “Meme coins like Dogecoin (+12%) and Bonk (+13%) were the news on Wednesday, with prices spiking across the industry.”
They note that these speculative assets are resurging as Bitcoin profits are redistributed within the market. This redistribution appears to be driving interest in altcoins, allowing them to thrive.
Santiment further emphasized that the altcoin could continue to increase in value if crowd FOMO does not disrupt the flow. Positive market sentiment is needed to maintain this upward trajectory.