Solana-based BONK, a meme coin based on the Solana blockchain, has overtaken PEPE in market capitalization, according to CoinGecko data. 

BONK's market cap now stands at $1.4 billion following a remarkable 90.5% surge over the past week, as opposed to PEPE's market cap of $1.34 despite its own impressive 184.9% rise over the same period.

The reign of meme coins

The crypto market has seen an explosion in the popularity of meme coins, digital currencies inspired by internet memes and culture. 

Leading the pack is Dogecoin (DOGE), with a market cap of $18.2 following a 52.5% increase over the last seven days. 

Shiba Inu (SHIB) trails behind, boasting a market cap of $7.8 billion after a 40.2% jump. 

BONK and PEPE follow these giants, illustrating the growing investor interest in meme coins beyond the top contenders. 

This surge in meme coins shows growing risk-on sentiment in the meme coin market.  

Bitcoin's ripple effect

The recent surge in BONK, PEPE, and other cryptocurrencies can be attributed in part to Bitcoin's stellar performance.

Bitcoin has soared past the $60,000 mark, reaching $61,998.83, with a 20.5% increase over the last week, driving the entire crypto market upwards. 

This surge is largely fueled by the escalating excitement around Bitcoin exchange-traded funds (ETFs), with significant inflows into these funds indicating a growing institutional and retail interest.

For instance, BlackRock's iShares Bitcoin ETF recorded a staggering daily inflow of $520 million. Bitcoin's performance is not just a testament to its resilience but also acts as a catalyst for the broader cryptocurrency market, lifting the prospects of altcoins and meme coins alike.

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