Memecoins
PEPE vs BONK: Which Memecoin Leads the Charge?
- Pepe and Bonk recorded all-time highs in their open interest.
- Both memecoins have set consecutive all-time highs.
Pepper [PEPE] AND Good [BONK] are two meme coins that have seen notable price movements in recent weeks. The data indicates that both have seen significant activity in open interest.
However, one such coin has attracted more interest in recent days.
Pepe and Bonk see historic Open Interest
According to a recent post by Coinglassperpetual contracts for Pepper and Bonk have seen an increase in open interest in recent weeks.
AMBCrypto’s analysis of Pepe’s Open Interest revealed that it reached an all-time high of $189.5 million on May 28. However, this figure has since decreased and at the time of writing this article stood at approximately $180 million.
Source: Coinglass
In the meantime, Bonk Open Interest also increased. As of this writing, it was at its highest level ever, at around $24.35 million.
This indicates a significant influx of money into both meme coins, suggesting an increase in interest in recent days.
Source: Coinglass
Furthermore, it can be observed that the frog-themed memecoin has attracted more interest than the dog-themed asset.
Pepe and Bonk’s feelings remain positive
Another key area where these meme coins have shown similar trends is in funding rates.
Analysis of AMBCrypto by Pepe Financing rate indicated that it remained positive and as of this writing is at its highest levels in almost two months, at around 0.0385%.
Likewise, Bonk Financing rate was also positive, at 0.0303% as of this writing.
These metrics suggest that both meme coins were experiencing more buying than selling pressure at the time of this writing.
This indicates the prevailing belief among traders that the prices of these meme coins will continue to rise, leading to the dominance of buyers in the market.
The performance of PEPE and BONK
AMBCrypto’s analysis Pepe’s The price trend on a daily time frame showed that it has reached several all-time highs in recent days. However, a trend reversal has occurred in the last 24 hours.
On March 28, the price fell by 4.25% and as of this writing had fallen by more than 4%, trading at around $0.000015.
Despite this decline, Pepe remained in a strong uptrend. Its Relative Strength Index (RSI) dropped slightly below 70, indicating that it has just dropped below the overbought zone.
Source: TradingView
In contrast, Bonk the chart showed that it is attempting to establish a new all-time high.
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At the time of writing, it was trading slightly up less than 1%, around $0.000041. If this positive trend continues, it will mark the third consecutive day of a new ATH.
Source: TradingView
Bonk was also in a strong uptrend at the time of this writing, with its RSI indicating an overbought condition.