As a researcher with experience in the cryptocurrency market, I find it intriguing how certain assets, such as Pepe (PEPE) and Bonk Inu (BONK), have managed to buck the trend of today’s (June 12) market downturn. While most leading digital assets continue to bleed, these two meme coins have seen significant gains, with PEPE even surpassing Dogecoin (DOGE) in daily trading volume.
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
As a researcher studying the cryptocurrency market on June 12, I observe a significant downturn with many prominent digital assets experiencing losses. Some of these assets, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA), are among those currently showing negative price movements.
Despite some meme coins experiencing a separation from the ongoing correction, Pepe (PEPE) and Bonk Inu (BONK) stand out with daily price increases of up to 10%. These digital currencies rank among the top six meme coins by market capitalization. Pepe occupies the third position, while Bonk Inu holds the sixth spot, both being noteworthy examples in this category. The frog-themed coin and the Solana-based one have secured their spots respectively.
As an analyst, I’ve observed that PEPE has outperformed all other meme coins in terms of daily trading volume. According to CoinGecko’s data, the asset has reached a remarkable milestone, surpassing $1.2 billion in trading volume. In comparison, Dogecoin (DOGE) follows closely with approximately $1.1 billion in trading activity.
Many industry players have pointed out the recent rises of PEPE and BONK, hinting at potential further growth in the coming days. User @daviesatoshi proposed that the meme coin with a frog theme rebounded from “a significant support level” and is now aiming for new record highs.
I, as a researcher, noticed that Clifton Fx identified a “falling wedge formation within a 6-hour timeframe” in BONK‘s price chart. This pattern is distinguished by two converging trend lines with downward slopes. It can take shape over the course of several days to a few weeks and is generally interpreted as a bullish sign. Consequently, Clifton Fx anticipated the possibility of a strong upward price trend.
Consider the Risks
In spite of going against the present market downturn, assets such as PEPE and BONK continue to carry significant risk for traders. Their values, much like that of any meme coin, can plummet by double digits in a brief moment’s notice, leading to substantial financial pain 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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2024-06-12 11:26