Bitcoin, Ethereum Ticked Higher But Dog-Themed Bonk Stole The Spotlight With A 33% Rally Last Week

The cryptocurrency market rose for the second week in a row, with meme coins and decentralized finance-based tokens powering the surge.

What happened: Solana (CRYPTO: SOL)-based Fartcoin topped the gainers list with an astounding 83% rally over the previous week. 

The unconventional meme token hit a 5-week high of $0.56 on Sunday, blasting past the $550 million market capitalization.

That said, the rally might not sustain itself for long. Influential cryptocurrency analyst Ali Martinez spotted a sell signal for the coin on the TD Sequential Indicator, indicating a potential pause or correction.

CAKE, the native token of decentralized exchange PancakeSwap, recorded yet another successful week, surging over 33%. The rise was likely aided by a 41% jump in trading volume on the platform over the week.

Another Solana-based meme coin, BONK, capped the week as the market's third largest gainer, gaining over 25%. The canine coin jumped to a 3-week high.

Widely followed cryptocurrency trader CW noted BONK's breakout from a falling wedge formation, widely interpreted as a bullish reversal pattern.

See Also: Cathie Wood Believes Most Memecoins Will Face ‘Fearsome Declines,’ But They Could End Up Becoming Collector’s Items

Market heavyweights Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) also made meaningful strides last week, gaining 3.60% and 5.63%, respectively.

The more established meme coins, however, struggled. While Dogecoin (CRYPTO: DOGE) barely changed with a 0.46% move, Shiba Inu (CRYPTO: SHIB) slid 3.45% over the week.

Official Trump (CRYPTO: TRUMP) finished the week at a healthy 4.36% spike, bolstered by President Donald Trump's promotion.

The total cryptocurrency market capitalization expanded 3.6% over the week to $2.83 trillion.

Image via Shutterstock

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