$PEPE vs $BONK :Which memecoin is leading the charge?
Pepe [PEPE] and Bonk [BONK] are two meme coins that have experienced notable price movements in recent weeks. Data indicates that both have seen significant activity in Open Interest.
However, one of these coins has garnered more interest in the past few days.
Pepe and Bonk see historical Open Interest
According to a recent post by Coinglass, the perpetual contracts for Pepe and Bonk have seen increased Open Interest over the past few weeks.
analysis of Pepeâs Open Interest revealed that it reached a historical high of $189.5 million on the 28th of May. However, this figure has since declined, and was around $180 million at press time.
Meanwhile, Bonkâs Open Interest also surged. At press time, it was at its highest level ever, at approximately $24.35 million.
This indicated a significant cash inflow into both meme coins, suggesting a surge in interest over the last few days.
Additionally, it can be observed that the frog-themed memecoin has attracted more interest compared to the dog-themed asset.
Pepe and Bonkâs sentiments stay positive
Another key area where these meme coins have shown similar trends is in their Funding Rates.
analysis of Pepeâs Funding Rate indicated that it has remained positive and was at its highest levels in nearly two months at press time, at approximately 0.0385%.
Similarly, Bonkâs Funding Rate was also positive, at 0.0303% during press time.
These metrics suggested that both meme coins were experiencing more buying pressure than selling pressure at the time of writing.
This indicated a prevailing belief among traders that the prices of these meme coins will continue to rise, leading to a dominance of buyers in the market.
How $PEPE and Bonk have trended
AMBCryptoâs analysis of Pepeâs price trend on a daily timeframe showed that it had reached several all-time highs in recent days. However, it has experienced a trend reversal in the last 24 hours.
