It’s been a wild week in the crypto market, with Bitcoin grabbing headlines as it soared to a new all-time high of $108,268 before crashing back under $100k. Meanwhile, meme coins have followed suit, with majors like Dogecoin climbing over $0.41 before falling to $0.325 today.

Behind the volatility in these headline-grabbing tokens, meme coins have been on a tear. The most explosive gains have come from newer tokens like $PENGU and Solana meme coins like Bonk, both of which have been working their way up the meme coin charts.

Meanwhile, meme coin ICOs like Flockerz and Solaxy are seeing increasing momentum.

Let’s take a closer look at all the action in the meme coin market as we head into the final stretch of 2024.

Meme Coin Sector Marches Upward, Led by $PENGU and $BONK

The meme coin sector spent much of early December extending its winning streak, adding more than $17 billion to its total market cap between December 1 and December 8. The sector’s valuation has fallen to $96 billion in recent days, mostly driven by Dogecoin’s losses.

But look beyond Dogecoin, and the meme coin market offers a very different picture. In the past 24 hours alone, Pepe is up 11.7%, Shiba Inu is up 8.4%, and Dogwifhat is up 5.3%.

The biggest winners of this upward trend have been tokens like Pudgy Penguins ($PENGU) and Bonk, which are up 11.2% and 12.3%, respectively, since yesterday.

Bonk’s gains helped it overtake $WIF to become the top Solana meme coin by market cap—a cat-and-mouse game the two tokens have played for months, and which Bonk looks increasingly likely to win.

Plus, technical analysis indicates there could be more gains for $BONK just around the corner. Using Elliott Wave analysis, @ManofBitcoin on X stated a potential pump to $0.000118 might come when Bonk breaks out of its current trend.

$BONK: The price has formed a wick to the downside but the daily candle closed above the trend line. So wave-4 is still valid. pic.twitter.com/3bz8iZ7EFX

— Man of Bitcoin (@Manofbitcoin)