The meme coin market has seen an uptick in the past week, with Cardano’s Snek (SNEK) and Solana’s Bonk (BONK) experiencing immense gains.
These meme-inspired coins on different blockchains have rallied impressively, attracting retail investors seeking the next Dogecoin or Shiba Inu.
With meme coin momentum showing no signs of slowing down, some experts wonder if a new Ethereum-based token may be next to ride the hype.
SNEK Surges After Investor FOMO Boosts Forgotten Meme Coin
It’s been an excellent week for SNEK holders, with the coin’s price rising almost 170% since last Friday.
SNEK is now trading for $0.00079, its highest value since June.
According to CoinMarketCap, over $3.5 million worth of SNEK exchanged hands in the past 24 hours – a 49% increase from the previous day.
This highlights the renewed interest and hype surrounding the token in recent days.
The Cardano-based meme coin had gone quiet for months after its initial price surge when it launched earlier this year, but fresh waves of investor demand have now pushed its market cap back over $54 million.
Much of this newfound momentum comes from the current bullish sentiment in the broader crypto market.
With Bitcoin and Ethereum rallying powerfully, speculative coins like SNEK tend to benefit from the spillover hype.
Although its fundamentals may still be lacking, SNEK’s price action hints that further upside could be ahead.
BONK Price Explodes Over 5,500%, Hitting All-Time High
The BONK meme coin on Solana has seen ever more parabolic price action than Cardano’s SNEK this past week.
After trading sideways for most of the year following January’s spike, BONK has suddenly caught fire and rocketed over 5,500% since the start of November.
BONK recently hit an all-time high of $0.000012, with the token now boasting a market cap of $710 million.
This makes BONK the third-largest meme coin globally, flipping Pepe (PEPE) coin.
Much like SNEK, BONK has benefited from the return of speculation to the crypto sector in the past three months.
Thanks to the market’s strength, the entire Solana ecosystem has seen renewed developer and investor interest.
As the SOL token began to rally, it brought visibility and liquidity to projects built on the network, positively affecting BONK.
Major exchange listings have also played a key role in BONK’s trajectory, with the buzz around the token showing no signs of abating.
Could an Ethereum-Based Meme Coin Could Explode Next?
With meme coin mania hitting networks like Cardano and Solana, attention now turns to whether an Ethereum-based project could be next to benefit from the speculative wave.
Ethereum has lagged behind Bitcoin’s powerful rally in recent months, yet the ETH/BTC pair surged almost 8% yesterday.
This shows capital flowing back into Ethereum and is beginning to benefit existing meme coins like Pepe (PEPE), which is up by 9% since yesterday.
Moreover, some investors now believe Ethereum’s strength could provide scope for a relatively unknown project to break out in a similar fashion to SNEK or BONK.
Two potential candidates include Meme Kombat (MK) and Wall Street Memes (WSM).
Meme Kombat features an AI-powered battle arena where users can place bets on the outcomes of hilarious fights between meme coin mascots.
Alongside the battle arena, Meme Kombat has a staking protocol where investors can lock up the native MK token and earn yields of 318% annually.
In terms of coins already listed on exchanges, Wall Street Memes is a meme coin inspired by the values of those who took down the short sellers during GameStop’s short squeeze in 2021.
WSM has already climbed the ranks of the top meme coins on CoinMarketCap, with room to grow as its FDV is still under $50 million.
$WSM is currently listed on Uniswap and OKX, and $MK is available to buy at memekombat.io.
Both MK and WSM feature the viral potential that could help them attract a surge of interest from internet communities if Ethereum continues gaining ground.