After several weeks of sideways movement, the meme coin market is heating up again! 🔥#ETH突破3000
As of the time of writing, the total market capitalization of meme coins has returned to the $60 billion mark, with trading volume surging nearly 80% in the past 24 hours, and the entire market is starting to stir as if electrified ⚡.#BTC再创新高

But the main character of this round of revelry is surprisingly not the familiar #PEPE‏ , but the wildly surging — BONK! #BONK🔥🔥

🐶 BONK is surging fiercely, 🐸 PEPE is lagging behind? Is the situation reversing?

Since the end of June, BONK has been on a rampage, soaring nearly 90% from a low of $0.00001278, breaking through three key resistance levels in one go, with trading volume also steadily increasing, the overall structure is quite solid. 📈 BONK/BTC successfully broke through the monthly resistance.

In contrast, PEPE appears much more "laid-back", with a rebound from a low of $0.00000830, the increase during the same period is only 30%, and it hasn't returned to the main uptrend position, with PEPE/BTC's performance even still turning under downward pressure.

🧠 The logic behind it: On-chain data tells you what has happened

The popularity of BONK is not coincidental, on-chain data is directly showing this:

The outcome is quite straightforward: BONK surged by 30%, while PEPE fell by 16%. This indicates that short-term risk appetite funds have all flowed into BONK.

BUT! Everything started to change in July!

📈 PEPE: quietly accumulating strength, is it ready to take the next baton?

Since July, PEPE has started to gain momentum, rising 11% in just 72 hours, while BONK encountered resistance near the key level of $0.000023, slightly retracing by 8%, with a large amount of chips being cashed out, achieving a daily profit of up to 11.7 million dollars.

Meanwhile, PEPE's on-chain active data is also heating up:

👉 Nearly 10,000 new users in a single month, total holding addresses reached a historic high: 11.42 million!
👉 The PEPE/BTC trading pair has begun to show a bullish reversal structure
👉 $0.000010 has become a key short-term support/breakthrough point

This indicates that: PEPE is not incapable, it just hasn't reached its time to perform.

🌀 Capital rotation is accelerating, high-beta games are being reshuffled!

The current macro environment is also favorable:

✅ BTC has entered the "price discovery phase", volatility is increasing
✅ Traders prefer "high-risk, high-reward" meme coins
✅ Funds are starting to shift from profitable BONK to lagging PEPE

If this round of "high-beta rotation" logic holds, PEPE may be the next main character. While BONK is sideways and profit-taking pressure increases, PEPE has instead become the preferred option for catch-up.

📉 But risks remain, don't forget that meme coins are inherently highly volatile ⚠️

Although PEPE's technical chart looks good and on-chain data is impressive, don't forget that this type of asset is highly emotional. Upward movements rely on FOMO, and corrections can come quickly. Before key points are firmly established, don't go all-in.

🎯 Conclusion: Is PEPE ready for the next wave of memecoin frenzy?

Currently, it appears that:

  • BONK is temporarily "topped out", and funds are entering a consolidation period

  • PEPE's on-chain expansion, technical reversal, and rising risk appetite

  • If Bitcoin stabilizes, the meme sector may welcome a second wave of "catch-up rally"

📌 Conclusion: PEPE is at the "potential explosion" critical point, will the next wave of capital rotation hit it? Worth keeping an eye on!

✍️ DYOR, manage risks well, and may everyone set sail in the crypto world! 🌊

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