Small Cap Meme Coins PEPE, WIF and BONK Hit New All-Time Highs, What’s Cooking?

The meme coin frenzy has been robust in recent weeks! While major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) pause after significant surges, smaller-cap meme coins show no signs of slowing down anytime soon.

Small Cap Meme Coins Hit Fresh ATH

There’s a massive surge in trading volumes for small-cap meme coins like PEPE Coin (PEPE), dogwifhat (WIF), and BONK, with each of them hitting fresh all-time highs.

At press time, the PEPE coin price is trading 14% up at $0.00001003 with a market cap of $4.22 billion. Also, PEPE ranks as the ninth-most traded cryptocurrency with daily trading volumes shooting 100% to $2.3 billion. In just the last two weeks, the PEPE price has surged by a staggering 820% now surging to its all-time highs. The recent surge in the PEPE Coin price comes amid growing speculation of Elon Musk’s support for the meme coin.

On the other hand, dogwifhat (WIF) has surged 30% in the last 24 hours hitting its new all-time high at $3.0 with its market cap of $3.0 billion. Also, the daily trading volumes for dogwifhat (WIF) have surged by 100% to $700 million. Over the last two weeks, the dogwifhat (WIF) price has also surged by a staggering 700%.

The Solana memecoin known as dogwifhat (WIF) has achieved a fundraising milestone, amassing over $650,000. As a result, plans are underway for a prominent display in the Las Vegas skyline. Notably, the mascot of dogwifhat, featuring a “Shiba Inu-themed” design, will grace the Las Vegas skyline for a duration of up to one week.

Similarly, the Solana-based meme coin BONK has also surged 13% in the last 24 hours currently trading at its all-time high of $0.00003366 with a market cap of $2.2 billion. The BONK price rally comes on the backdrop of its recent listing by top crypto exchanges like BitMEX. The BONK gains over the last two weeks stand at a staggering 170%.

Capital Allocations to Meme Cryptocurrencies

Santiment, a leading on-chain data provider, reports a significant uptick in meme coins as Bitcoin achieves a new all-time high, surpassing the $73,600 mark.

The remarkable performance of meme coins coincides with Bitcoin’s continued ascent in March, indicating a notable trend of profit redistribution towards speculative assets characterized by low liquidity. With each surge in Bitcoin’s price, investors appear to be swiftly reallocating profits to these alternative assets, reflecting a growing appetite for high-risk investments within the cryptocurrency market.