BONK, PEPE and Dogwifhat Leading Meme Coin Rally

It's often true that digital assets go where Bitcoin leads them, but Pepecoin, BONK and Dogwifhat are overclocking for the meme coin segment.

But first, a very necessary disclaimer: Even the most popular meme coins can be extremely volatile. A token that's up one day can crash to zero the next. Investors should proceed with caution.

At the time of writing, Solana meme coin BONK has seen a 7% grain since yesterday. It's currently trading for $0.00001284—which is 27% higher than it was this time last week. Its $833 million market capitalization makes it the 101st largest coin tracked by CoinGecko. That's a far cry from the 69th place it was sitting at just before Christmas, after Coinbase announced that it would list BONK on its exchange.

BONK last saw its market capitalization inch past $1 billion in January, just after the SEC approved spot Bitcoin ETFs to begin trading in the U.S. Since then, the market cap has sagged to $786 million. Its latest gains move the meme coin's price beyond its 20-day moving average—typically treated as a sign that an asset could be getting ready to rally.

Meanwhile, the team behind PEPE just wrapped up an art contest held in collaboration with Pepe.wtf. The top 500 artists will receive $400 worth of PEPE tokens and have their art included in an upcoming NFT mint. The spike in price and trading volume for the frog-themed meme coin might have something to do with the next step. The top 500 PEPE holders—excluding exchanges—will receive free mints of the new NFT collection on Ethereum.

At the time of writing, PEPE is trading for $0.000001098. That marks a 10% gain from this time yesterday and a 22% gain from last week, according to CoinGecko data.

Dogwifhat, a relatively new Solana meme coin, has gotten an unexpected—and likely unintentional—boost from none other than the NBA's Los Angeles Lakers power forward LeBron James.

Keep in mind that James hasn't said anything to suggest he's aware of the pink hat's link to the Shiba Inu meme that launched Dogwifhat. But Crypto Twitter seized on the opportunity to spin up a bunch of memes. The frenzy has sent WIF to $0.39 at the time of writing, 36% higher than this time yesterday and double its price from the same time last week.