PEPE vs BONK: Which memecoin is leading the charge?

Pepe and Bonk See Historic Highs in Open Interest

Pepe [PEPE] and Bonk [BONK] are two meme coins that have recently experienced notable price movements. Data indicates that both have seen significant activity in Open Interest.

Pepe and Bonk Experience Historical Open Interest

According to Coinglass, the perpetual contracts for Pepe and Bonk have experienced increased Open Interest over the past few weeks. Pepe's Open Interest reached a historical high of $189.5 million on May 28th, while Bonk's Open Interest surged to approximately $24.35 million at its peak.

Positive Sentiment for Pepe and Bonk

In addition to elevated Open Interest, both meme coins have exhibited positive Funding Rates. Pepe's Funding Rate was at 0.0385%, its highest level in nearly two months, while Bonk's was at 0.0303%, suggesting more buying pressure than selling pressure.

Pepe and Bonk's Price Trends

Pepe's price trend has shown several all-time highs in recent days, but has experienced a slight correction in the last 24 hours. On March 28th, the price dropped by 4.25% and has since decreased by over 4%, trading around $0.000015. Despite this dip, Pepe remains in a strong bull trend.

In contrast, Bonk is attempting to set a new all-time high. At the time of writing, it is trading with a slight increase of less than 1%, around $0.000041. If this positive trend continues, it will mark the third consecutive day of a new ATH.

Both Pepe and Bonk are in strong bull trends, indicating a prevailing belief among traders that their prices will continue to rise.