Meme coins like Dogecoin and Bonk are gaining prominence in the cryptocurrency market. This week, they show significant price increases amid Bitcoin profit redistribution.
Sharp Increase in Dogecoin and Bonk
This week, Dogecoin (DOGE) and Bonk (BONK) have shown substantial price increases of 12% and 13%, respectively, according to analytics firm Santiment. This is attributed to the flow of profits from Bitcoin into altcoins.
Market Technical Analysis
Dogecoin shows bullish momentum with key support at $0.120 and resistance at $0.126. Bonk, meanwhile, gained 7.21% with strong support at $0.000024 and resistance at $0.000025.
Impact on Other Meme Coins
Other meme coins like Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI) also posted gains, though more moderate, in the range of 4% to 5%. While Bitcoin remains dominant, its social volume increased by only 3.15%, while Ethereum (ETH) saw a 13.49% drop in social sentiment.
The ongoing interest in meme coins underscores the significance of altcoins amid profit redistribution from more stable digital assets like Bitcoin.