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Meme Coins Lead Alt Rally as BNB and TON Hit All-Time Highs

Last Updated June 5, 2024 9:16 AM
James Morales
Last Updated June 5, 2024 9:16 AM

Key Takeaways

  • An overnight rally has seen the price of several alt coins climb between 10% and 20%.
  • Meme coins are among some of the biggest gainers.
  • BNB and TON have both registered new all-time high prices in the last 24 hours.

A string of leading alt coins have registered double-digit gains in the last 24 hours, pushing BNB and Toncoin to new heights.

Some of the biggest gainers include prominent meme coins, with FLOKI, BONK and SHIB surging by as much as 30% overnight.

Meme Coins Soar

In the past 24 hours, the price of FLOKI has climbed over 30%, breaking through its previous all-time high price that had been in place since 2021. 

Hot on its tail, BONK is up around 11% while Shiba Inu and DogWifHat have both pumped by more than 9%.

Joining the pack for the first time, Dog Go to the Moon (DOG) made its debut in the top 100 cryptocurrencies after surging in value overnight.

However, meme coins aren’t the only cryptocurrencies that are soaring ahead. 

BNB and TON Record New Highs

Alongside FLOKI, BNB and TON have also set new records. 

Having increased over 12% in the past 24 hours, the price of BNB climbed above $700 for the first time on Wednesday morning. 

Meanwhile, Toncoin set a new record high of $7.64, entering the top ten cryptocurrencies by market capitalization. 

Other beneficiaries of Wednesday’s alt coin rally include UNI, ORDI and STRK, which have jumped by more than 15% in the last 24 hours. 

Is it Alt Coin Season Yet?

Despite the recent surge in alt coin markets, over the last 90 days, Bitcoin has still outperformed two-thirds of the top 50 tokens. 

According to the most commonly used index , it is alt coin season when 75% of top cryptocurrencies have outperformed BTC in the past 3 months.

Having remained suppressed throughout May, Wednesday’s rally could mark a turning point for the alt coin season index.

Predicting such an event last week, crypto analyst Jamie Coutts suggested that an uptrend in the index could signal a good time to allocate funds to alt coin markets. One potential strategy he highlighted includes selecting coins with the highest relative strength versus BTC, such as Solana, Toncoin or Near.

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