In a cross-chain battle between two leading meme coins, Solana’s BONK (BONK) has surpassed Ethereum’s PEPE (PEPE) in terms of market capitalization.
As these meme coins built on different blockchains aggressively fight for dominance, BONK has landed a decisive blow by overtaking PEPE’s market cap. The Solana-based BONK now boasts a market cap of $1.38 billion, outpacing the Ethereum-based PEPE’s $1.22 billion market cap at the time of writing. This comes after BONK rapidly gained value overnight to reach near its all-time high from 2023.
Both of these meme coins built on different blockchains are currently trading close to their respective all-time highs from last year. With the strength of the current crypto bull market and Bitcoin crossing $60,000, meme coins are among the hottest stories now.
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Show more +The Significance Across Chains
This fight for meme coin dominance between the Solana and Ethereum ecosystems demonstrates the growing competition between layer-1 chains. As BONK and PEPE climb to new highs on their respective networks, it signals continued strong interest in high-risk, high-reward meme coins across different blockchains.
The strong returns for Solana-based BONK also showcase the potential for assets launched on faster, cheaper layer-1s to disrupt older chains. The ability to efficiently mint and trade tokens has fueled growth in this sector.
Analyst Is Strongly Bullish on BONK
According to crypto analyst AlanSantana’s recent Tradingview analysis, this resurgence in BONK represents even more potential than its previous eruption:
“Between October and December 2023, BONK grew by an astonishing 19,980%. After a little over two months of ultra-bullish consolidation, it is going at it again.”
Santana identifies two main upside targets based on trend Fibonacci extensions – 0.00006569 (216%) and 0.000100516 (375%). He also notes strong support around the 0.786 Fib level and 300-day moving average.
While acknowledging the high risk, Santana concludes by saying “Bonk is Ultra Bullish.” This explosive battle between meme coins like BONK and PEPE highlights the staggering returns possible in crypto, but also the need to carefully weigh risks versus rewards on such volatile assets.
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