Meme Coin Battle Royale: PEPE vs BONK

In recent weeks, Pepe [PEPE] and Bonk [BONK] have shown significant price movements, attracting considerable attention. Data reveals notable activity in Open Interest for both meme coins. However, one has seen a surge in interest over the past few days.

You can buy PEPE on Bitrue

You can buy BONK on Bitrue

PEPE vs BONK Open Interest

Coinglass, a trusted source, has recently shared data that reveals increased Open Interest in the perpetual contracts for Pepe and Bonk. On May 28th, AMBCrypto reported a record high of $189.5 million for Pepe's Open Interest, which has slightly decreased to around $180 million at present.

Pepe Open Interest / Coinglass

Notably, Bonk’s Open Interest has also seen a surge, reaching its peak at approximately $24.35 million. These trends indicate a significant influx of cash into both meme coins, a clear sign of the growing interest in the market over the past few days.

It is also evident that the frog-themed memecoin Pepe has attracted more attention than the dog-themed asset Bonk.

BONK Open Interest / Coinglass

Investor Sentiment and Trends

Another significant trend observed in these meme coins is their Funding Rates. For Pepe, AMBCrypto's analysis shows a positive Funding Rate, peaking at approximately 0.0385% at press time, the highest level in nearly two months. Bonk's Funding Rate similarly remains positive at 0.0303%.

Source: TradingView

These figures indicate that both meme coins are experiencing more buying pressure than selling pressure. This suggests that traders generally believe the prices of these coins will continue to rise, leading to a dominance of buyers in the market.

Pepe's price trend analysis on a daily timeframe reveals several recent all-time highs. However, in the last 24 hours, a trend reversal occurred. On March 28th, the price dropped by 4.25%, and by press time, it had decreased by over 4%, trading around $0.000015. Despite this decline, Pepe remains in a strong bull trend, with its Relative Strength Index (RSI) falling slightly below 70, indicating it has just dipped below the overbought zone.

Source: TradingView

On the other hand, Bonk is attempting to set a new all-time high. it was trading with a slight increase of less than 1%, around $0.000041. If this positive trend continues, it will mark the third consecutive day of a new ATH. Bonk is also in a strong bull trend, with its RSI indicating an overbought condition.

These observations highlight the robust buying pressure and bullish sentiment for both meme coins despite slight variations in their recent price movements and RSI levels.