Pepe, Bonk surge despite sell-off in memecoins

Pepe and Bonk, two popular meme coins, are defying the current sell-off trend in the cryptocurrency market with significant gains over the past 24 hours. This comes as other cryptocurrencies like Dogecoin and Shiba Inu struggle amidst the broader market downturn. Crypto analyst Michael van de Poppe remains optimistic about a potential bounce in the crypto market, citing multiple macroeconomic events happening this week. Despite the sell-off pressure cascading into meme coins following Bitcoin’s sharp declines on Tuesday, Pepe and Bonk are showing resilience.

Pepe (PEPE) experienced a low of $0.00001163 on June 11 but has seen a bounce in price, currently trading near $0.000013, an 8% increase in the past 24 hours. There is potential for further upside action if buyers hold the support area, despite Pepe still trading below a downtrend line formed after facing resistance around $0.000017 in late May.

Bonk (BONK), a Solana-based dog-themed meme coin, experienced a parabolic rise in late 2023, aiding Solana in breaking above the $200 level. While it has lagged behind newly launched counterparts like dogwifhat (WIF) in recent months, Bonk remains a top meme coin on Solana. Currently, Bonk’s price stands at $0.00002872, a 6% increase in the past 24 hours. Although it has experienced a 17% decline over the past week, today’s bounce could potentially trigger a new surge.

Overall, Pepe and Bonk are demonstrating their resilience in the face of a broader market sell-off, making them noteworthy meme coins to watch.