Shiba Inu and Bonk memecoins have experienced a significant rally, with both coins recording over 30% gains in the past week. This surge comes as the overall crypto market enters a long-awaited bull market, with Bitcoin and Ethereum hitting prices not seen since December 2021.

Despite a 30% drop from its all-time high, Bonk has seen a remarkable 100% surge in February, recovering losses from the previous month. Similarly, Shiba Inu (SHIB) has gained nearly 20% today, reaching its highest value in over a year.

The memecoins have shown a positive correlation with Bitcoin’s price, with memecoin holders closely monitoring Bitcoin’s movements. Bonk’s surge has also influenced Solana’s price, which reached $131 today for the first time since April 2022.

The memecoin market has experienced a 25% growth today, reaching $34.3 billion. The meme coin market now represents approximately 1.5% of the entire crypto market, indicating a rapid expansion. This growth has also led to significant gains for new meme tokens like Baby Shiba Inu and Turbo, which have spiked over 100% this week.

For more news on the latest developments in the cryptocurrency market, continue exploring Global Crypto News.

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