BONK, BRETT and MOG rally over 10%, SHIB posts slight gains

BONK, BRETT, and MOG were outliers among top meme coins on Tuesday after rallying more than 10% in the past 24 hours. Their move has seen them flip other tokens to climb the standings among top cryptocurrencies.

The meme coins leading the market recovery

BONK flipped dogwifhat (WIF) to become the largest Solana meme coin after rising by another 10% on Tuesday. BONK has risen nearly 30% in the past two days to increase its weekly performance to a 3% gain. While many predicted that BONK would continue a downtrend after a correction from its rally in early June, the Solana meme coin has proven otherwise, breaking out of the wider market lull by a mile.

According to Santiment's data, BONK's social volume and dominance have also increased following its price, indicating increased interest in the meme coin. As previously mentioned, BONK's recent growth can partly be attributed to its live events and partnerships with Heliopay and Binance.

BONK Social Volume & Dominance

BONK's open interest (OI) has risen more than 13% in the past 24 hours. Its rising OI and growing price could cause BONK to see more growth in the coming days.

Base meme coin BRETT is another outlier in the meme sector after it broke out of the wider market's bearish outlook with a 10% rally.

Ethereum-based Mog Coin also grew rapidly on Tuesday after soaring more than 12%. This move has seen it flip BOME to become the eighth-largest meme coin by market capitalization.

Other meme tokens like SHIB and FLOKI saw gains shy of 2%. According to Santiment, non-exchange whales continue to accumulate SHIB while exchange whales' holdings are depleting.

Notably, 150 of the largest SHIB non-exchange whales have increased their holdings by 6.57 trillion SHIB in the past month. Conversely, 150 large exchange whales have reduced their holdings by 5.53 trillion SHIB. SHIB has risen about 22% since the market drawdown on July 5.

Meanwhile, footballer Lionel Messi's Instagram account was suspected to have been compromised after a post promoting the WATER meme coin, a project several crypto analysts have flagged as a potential rug pull.