BONK, a Solana-native memecoin, leads the gains with a 97% increase in the past week, recording trading volume of $2.1 billion in the last 24 hours—far surpassing competitors like DOGE and SHIB. PEPE closely follows, with a recent addition to Coinbase and Robinhood generating a 66.35% increase in the past week. PNUT, a squirrel-themed token on Solana, also saw an increase of over 1,200% in the past week, although it is currently down 27.5% from its all-time high of $2.44, set on November 14.
Solana Hits New Highs
In this retail frenzy, Solana (SOL) has emerged as one of the most promising assets of the current market cycle, reaching $241 - a new yearly high and down 10% from its all-time high of $259 achieved in November 2021. Analysts are closely monitoring Solana's next move, with technical indicators suggesting further bullish trends.
The recent breakout of this token above the resistance level of $225 has created significant buying pressure, with interest from both institutional and individual investors contributing to the upward trajectory.
Analyst Valentin Fournier of BRN stated: "Maintaining this level will confirm Solana's bullish momentum, while failing to do so could lead to a consolidation phase, allowing the market to digest the gains before moving higher."
Solana has emerged as a hotspot for memecoin activity, with low fees and fast transactions creating a fertile ground for tokens like BONK. Created in late 2022, BONK has become a symbol of Solana's resilience following the collapse of FTX. Its rise is being driven by community-led deflationary moves, including a planned burn of 1 trillion tokens in December, aimed at promoting scarcity and value.
Daily burning is reducing the circulating supply of BONK through applications on Solana, such as Dragontail and BONKmark. These use cases enhance the token's utility, while bullish technical patterns signal the next upward trend. Traders consider BONK's market cap of $3.8 billion undervalued compared to DOGE and SHIB, which have market caps of $90 billion and $43 billion respectively in previous bull cycles.
“The breakout from BONK's consolidation aligns with the rising demand across the Solana ecosystem,” a core contributor said in a recent post on X. “The low market capitalization compared to peers creates room for significant growth.”
PEPE Rides Growth Listing
Meanwhile, PEPE is capitalizing on recent listings on Coinbase and Robinhood last week, with this news triggering a price increase of nearly 50%. This price surge has pushed PEPE's market capitalization above $8 billion, making it one of the largest cryptocurrencies.
PEPE's breakout from a key consolidation zone has sparked bullish sentiment, with analysts comparing it to previous rallies of DOGE and SHIB. Technical indicators such as RSI remaining above 70 and a bullish MACD crossover suggest continued momentum.
Growth Driven by Retail Revives Memecoin
Memecoins thrive on community engagement and speculative trading, and their current price surge highlights the growing influence of retail investors in the cryptocurrency market. New highs in Bitcoin have propelled the broader market's recovery, but tokens like BONK and PEPE are capturing most of the retail attention.
Data from Coinbase shows that BONK leads memecoin trading volume at $384 million, reflecting growing interest from both retail and institutional players. These figures highlight the increasing appeal of memecoins as an entry point for new investors drawn by their affordability and high volatility.
“The retail frenzy is back and memecoins are leading the way,” a trader on X said. “The last time we saw this excitement, DOGE and SHIB reached staggering valuations. BONK and PEPE could follow a similar path.”
As Bitcoin continues its upward momentum, attention remains focused on the Solana ecosystem and the growing memecoin market. With retail energy driving speculative assets to new heights, the question is not whether memecoins will play a role in the market but how much further they can climb.
Currently, tokens like BONK and PEPE are leading the revival of the retail sector and show no signs of slowing down.
