BONK and PEPE outshine top meme coins after impressive rally

BONK rallied nearly 8% on Monday as the meme coin began its recovery from heavy losses experienced following the Mt.Gox repayment going live and German government BTC offloading. PEPE also joined in the recovery, posting a 6% gain as bulls look to be buying the dip.

BONK and PEPE lead the meme coin sector

BONK began on Monday with an impressive 8% rise that offset losses from last week's crypto market bloodbath. With the move, BONK turned its weekly performance positive to a 0.6% gain — the only meme coin trading in the green on the weekly timeframe among >$1 billion cap tokens.

Notably, BONK has been a standout performer in the meme sector since the crypto market began its downturn in mid-June. The chart below shows that the meme token has only been down 3% in the past three weeks — the lowest among top meme coins.

Compared to Solana meme coin leader dogwifhat (WIF), BONK is up nearly 200% since April as it's looking to flip the former in market capitalization.

Some reasons for BONK's strength in such turbulent times could be its buyback program through the Bonkbot, a recent London event, and partnerships with Heliopay and Binance.

If the wider market bearish sentiment fades, BONK could quickly test the $0.000034 key resistance, which it failed to overcome for nearly two months after descending from its all-time high in March. BONK broke the resistance after seeing a rally on May 20 but fell and has remained below it since June 7.

BONK/USDT 8-hour chart

On the downside, the 0.00001784 price level is a key support level to withstand potential bearish pressure.

PEPE has also broken out from the bearish trend with its 5% rise in the past 24 hours. PEPE bulls are buying the dip as its exchange net flow was at -1 trillion PEPE on July 7.

In addition to PEPE, SHIB has been rising slowly, posting a 2% gain in the last 24 hours.

Meanwhile, other top meme coins, DOGE, WIF, FLOKI and BRETT, have struggled to break out from selling pressure.