Dogecoin (DOGE) and BONK Memecoin Prices Are Pumping: Here’s Why

Meme coins have recently experienced a surge in value, with Dogecoin and BONK leading the way. Over the last week, both coins have seen their values rise by more than 20%.

Santiment, a well-known analytics platform, has taken note of this trend and observed that "Meme coins such as Dogecoin (+12%) and Bonk (+13%) have been major stories Wednesday, with spikes in prices across the sector."

These speculative assets are regaining popularity as Bitcoin profits are redistributed within the cryptocurrency market. This redistribution has piqued interest in altcoins, contributing to their bullish performance.

Santiment emphasizes that altcoins can continue to perform well as long as investors' fear of missing out (FOMO) does not disrupt the trend. The upward momentum is expected to continue if the market sentiment remains positive.

Despite the recent rise in popularity, meme coins remain highly speculative. Investors should trade them with caution and only invest what they can afford to lose.