Meme Coins Rally: Dogecoin and Bonk Surge as Bitcoin Profits Flow In

Meme Coins Surge Amid Shift to Speculative Assets

Meme coins are experiencing a resurgence, with Dogecoin (DOGE) and Bonk (BONK) leading the charge. According to data from Santiment, DOGE and BONK both saw significant price increases on Wednesday, rising by 12% and 13%, respectively.

This surge in speculative assets coincides with a shift of profits from Bitcoin into altcoins.

Dogecoin (DOGE):

• Remains bullish with key support at $0.120.
• Faces resistance at $0.126.

Bonk (BONK):

• Gained 7.21% with strong support at $0.000024.
• Further upside potential with resistance at $0.000025.

Other meme coins, including Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI), also experienced gains, albeit more moderate, ranging from 4% to 5%.

Despite Bitcoin's dominance, its social volume increased by only 3.15%, while Ethereum (ETH) witnessed a 13.49% decline in social sentiment.

The rise of meme coins underscores the volatility and speculative nature of the cryptocurrency market, where altcoins can experience significant fluctuations in price based on sentiment and market conditions.