Journalist
Posted:
No corner of the crypto market has escaped the recent pullbacks.
Over the past month, the memecoin sector has slid 15.6%, dropping from $50 billion in total market cap. As expected, CoinMarketCap data shows most top memecoins sitting deep in the red with sharp double-digit losses.
At press time, Pepe [PEPE] was down 24%, and Bonk [BONK] wasn’t far behind at 25%. It’s essentially a dead heat between the two, and whichever manages to hold its key support level first is likely to lead the next rebound.
Source: CoinMarketCap
Backing this thesis, both PEPE and BONK continue to chop sideways.
Technically, PEPE has been stuck in consolidation for three weeks after breaking below the $0.000005 level. BONK, on the other hand, is seeing a heavier pullback, grinding below $0.000001 for nearly two months.
In fact, PEPE’s daily chart also looks cleaner, with two higher lows and a fresh retest of the $0.000005 resistance. BONK’s structure remains pretty muted in comparison, making PEPE the stronger technical setup right now.
PEPE vs. BONK: Which meme traders are betting on
With memecoins still far from a proper rebound, holding support is everything right now. As mentioned earlier, both PEPE and BONK are stuck in tight chop, but the bullish pressure is leaning more toward PEPE.
Futures data backs that up. PEPE’s Open Interest (OI) shed about $400 million during the October washout, but has since bounced by roughly $120 million in the last three weeks, showing a clear uptick in trader confidence.
Meanwhile, BONK’s OI remains flat, hovering below $10 million, signaling weak speculative interest and very little momentum from derivatives traders. In essence, PEPE is pulling in much more active positioning.
Source: Coinglass
Once the market flips risk-on, that setup could spark an upside squeeze.
In this context, PEPE’s technical resilience isn’t random. Instead, traders are clearly favoring it thanks to a cleaner chart and stronger momentum. BONK, meanwhile, still looks sluggish, with a softer structure.
Bottom line: Traders seem to be positioning PEPE for the next supercycle.
Final Thoughts
- PEPE shows stronger technicals and higher trader positioning, making it the likely leader if memecoins rebound.
- BONK remains muted with weaker structure and low speculative interest, limiting its upside in the near term.