Shiba

Baby Shiba Inu

Bonk

Shiba Inu

Memecoins Shiba Inu and Bonk have rallied thanks to a recent run that has seen the two coins notch over 30% gains within the last week.&nbsp; 
The crypto market has entered a long-awaited bull market, with <a href="https://crypto.news/price/bitcoin/">Bitcoin</a> and <a href="https://crypto.news/price/ethereum/">Ethereum</a> reaching prices not seen since December 2021. The overall crypto market cap has reached $2.4 trillion for the first time since the FTX crash. However, the top memecoins have returned the most gains in this rallying market. 
Despite falling 30% from its all-time high, <a href="https://crypto.news/price/bonk/">Bonk</a> has surged over 100% in February, recovering losses from January. Shiba Inu (<a href="http://crypto.news/price/shiba-inu/(opens in a new tab)">SHIB</a>) has also gained nearly 20% today, reaching its highest value in over a year.&nbsp; 
 You might also like: <a href="https://crypto.news/bitcoin-coinbase-crypto-stocks-2024/"> Bitcoin surge boosts Coinbase, crypto stocks reversing early 2024 losses </a> 
The memecoins have seen a positive correlation with Bitcoin’s price, with memecoin holders closely following Bitcoin’s price movements. Bonk’s rally has also impacted Solana’s price to gain momentum, as the altcoin reached $131 today for the first time since April 2022.&nbsp; The memecoin market also saw a 25% growth today, reaching $34.3 billion, as the meme coin market now represents approximately 1.5% of the entire crypto market. The market’s rapid growth also drives significant gains for new meme tokens, as <a href="https://www.coingecko.com/en/coins/baby-shiba-inu-erc" target="_blank" rel="noopener">Baby Shiba Inu</a> and Turbo have spiked over 100% this week.&nbsp; 
 Read more: <a href="https://crypto.news/binance-botched-crypto-deposits/"> Binance salvages $4b in botched crypto deposits </a>

Memecoins thrive in bull market as BONK, SHIB lead daily gains

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