These two major meme coins are booming despite the market slump

TL;DR

Despite the fall in the cryptocurrency market on June 12, Pepe (PEPE) and Bonk Inu (BONK) saw significant gains, both rising 10%. PEPE’s daily trading volume exceeded $1.2 billion, surpassing Dogecoin (DOGE) and all other meme coins on that front. Not like the rest

The cryptocurrency market continues to bleed today (June 12), with numerous leading digital assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Cardano (ADA) and more in red .

However, some meme coins broke away from the ongoing correction. Pepe (PEPE) and Bonk Inu (BONK) are some of the brightest examples, posting price increases of 10% on a daily basis. They are among the six largest meme coins in terms of market capitalization, with the frog-themed one taking the third position and the Solana-based one placed in sixth place.

PEPE Price, Source: CoinGecko

Apart from witnessing a substantial increase in prices, PEPE has turned all meme currencies on one important metric. Data from CoinGecko shows that the asset’s daily trading volume has surpassed the $1.2 billion mark. Dogecoin (DOGE) is in second place, with its figure currently around $1.1 billion.

Numerous industry participants pointed to PEPE and BONK rallies, predicting further rallies in the near future. X user Davie Satoshi suggested that the frog-themed meme coin bounced off “a multi-month support line” and is now headed for new highs.

For its part, Clifton Fx spotted a “falling wedge formation on a 6-hour time frame” for BONK. This pattern is characterized by converging trend lines where both the upper and lower lines slope downward. It can develop over a period ranging from several days to a few weeks and is considered a positive signal for the price. As such, Clifton Fx surmised that “a massive bullish wave” could be on the horizon.

Consider the risks

Despite defying the current market correction, assets like PEPE and BONK remain risky for traders due to their infamous volatility. Its prices, just like the valuation of any other meme currency, can crash by double digits in a short period of time, causing painful financial losses for investors.

That said, people should enter the ecosystem after due diligence and invest only as much as they are willing to lose. For more important tips, check out our dedicated video below:

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