Meme Coins Surge Amid Bitcoin Redistribution as Dogecoin and Bonk Lead the Charge

• Meme coins surge as Bitcoin profits shift into speculative assets like Dogecoin, Bonk.
• Dogecoin shows bullish momentum, key support at $0.120, resistance at $0.126.
• Bonk gains 7.21%, strong support at $0.000024, resistance at $0.000025 for further upside.

Meme coins are making a comeback, with Dogecoin (DOGE) and Bonk (BONK) leading the way. On Wednesday, DOGE and BONK saw price increases of 12% and 13%, respectively, according to data from analytics firm Santiment. This surge in speculative assets comes as Bitcoin profits flow into altcoins.

Other meme coins like Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI) also posted gains, though more moderate, in the 4% to 5% range. While Bitcoin remains dominant, its social volume increased by only 3.15%, while Ethereum (ETH) saw a 13.49% drop in social sentiment. The flow of Bitcoin profits into altcoins like Dogecoin and Bonk suggests a shift towards more speculative investments.

Source: X

Dogecoin Price Action: Support and Resistance Levels to Watch

Dogecoin’s recent price movement shows significant bullish momentum. After opening near $0.12, it surged to a peak of $0.126 before facing resistance. Throughout the day, the price swung between $0.124 and $0.126, highlighting the strong selling pressure at the $0.126 resistance level. 

Related : Memecoins Rally: PEPE, BONK Lead the Charge, DOGE Lags

However, Dogecoin has now settled near $0.122, which serves as a minor support level. If the price holds at this level, the coin could see a rebound, pushing the price back toward the resistance zone.

For traders, the key support levels to monitor are $0.120 and $0.122. A drop below $0.120 may signal a bearish trend, driving the price lower. On the upside, breaking through the $0.126 resistance could open the door for further growth, potentially pushing Dogecoin towards $0.128 or higher. 

Bonk Sees Strong Upward Momentum Amid Market Volatility

Similarly, Bonk (BONK) experienced notable growth, with the price jumping to $0.00002362, up 7.21% on the day. After starting the day at $0.00002202, Bonk trended upwards, peaking at $0.000025 before consolidating slightly above $0.000024. The upward momentum suggests strong buyer interest, with the $0.000022 and $0.000024 levels acting as support zones.

If Bonk breaks above the $0.000025 resistance level, it could lead to further gains, potentially testing new highs. However, if the price dips below $0.000024, there could be a retracement towards $0.000022, indicating short-term weakness.