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Here’s why the Pepe, Floki, and Bonk prices are soaring

By:
on May 27, 2024
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  • Meme coins have jumped sharply in the past few months.
  • Pepe has soared by over 1,100% this year while Bonk and Floki are up by almost 100%.
  • These tokens have surged as whales continue accumulating the tokens.

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Memecoins are back. Pepe price has soared to a record high of $0.00017, giving it a market cap of over $7 billion, making it the third-biggest meme coin after Dogecoin and Shiba Inu. It has soared by over 8,350% from its lowest level in 2023.

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Floki, Pepe, and Bonk have surged

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Floki price also surged to a high of $0.00026, its highest swing since March 28th. It has also soared by over 1,500% from its lowest point this year, giving it a market cap of over $2.5 billion. Bonk token has also soared to $0.000037, its highest point since March 2024. It has also jumped by almost 20,000% from last year’s low.

These meme coins have turned many people into millionaires, with the total market cap of all similar coins soaring to over $63 billion. Dogecoin and Shiba Inu are still the biggest players in the meme coin industry with a combined market cap of over $37 billion. The other fast-growing meme tokens are MAGA, Mog Coin, Turbo, and Ponke.

Floki vs Pepe vs Bonk charts

Whales are accumulating meme coins

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These tokens have surged hard because of the rising demand from big and small investors to take advantage of the recent crypto rally. For example, data shows that a trader made a cool $2.7 million by trading the MAGA token. He bought 6 billion MAGA tokens on May 24th and May 27th and then sold them a few hours later.

The same is happening in other meme coins. For example, a recent trader spent $863k to buy 4.6 billion $FLOKI tokens. He also bought MAGA tokens, netting over $3.4 million in just a few months.

Other traders have been making millions of dollars trading meme coins. In most cases, it is usually easier to make millions of dollars in these tokens instead of Bitcoin and Ethereum. Bonk was trading at $0.000037 while Floki and Pepe were trading at $0.0026 and $0.00017, respectively. 

On the other hand, Bitcoin and Ethereum were trading at $68,000 and $3,900, respectively. In most cases, it is hard for these big-cap coins to double. Pepe, Floki, and Bonk prices have surged because of the rising greed in the market. The fear and greed index jumped to the greed zone of 65 after the SEC approved spot Ethereum ETFs last week and as US equities surged to a record high.

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