Despite the Venezuelan crisis, memecoins rally… BONK surges 28%.

Despite news of the US airstrikes on Venezuela, the cryptocurrency market is showing an overall upward trend, with MemeCoin attracting attention with a double-digit surge.

As of 8:32 AM on the 5th, according to CoinMarketCap, Shiba Inu (SHIB) was up 12.40% compared to the previous day. Pepe (PEPE) was up 16.84%. Bonk (BONK) surged 28.18%, recording the largest gain among major meme coins. Floki (FLOKI) and Pippin (PIPPIN) were up 12.73% and 19.62%, respectively.



Memecoins are cryptocurrencies built on internet memes rather than having a clear practical use case or business model. SHIB, for example, was inspired by the Shiba, a Japanese dog breed.

Market analysts believe the political uncertainty surrounding the Venezuelan situation has contributed to the short-term volatility in the cryptocurrency market. On the 3rd (local time), President Donald Trump launched a military operation and officially ousted Venezuelan President Nicolás Maduro. Even amidst heightened geopolitical tensions, speculative trading, particularly in assets with high short-term volatility, is believed to have exacerbated price volatility.

Jake Kennis, senior research analyst at on-chain data firm Nansen, said the influx of funds into large-cap memecoins early this year could be a sign of positioning for potential upside after months of sideways trading. He added, "These high-risk assets were among the hardest hit during the October market crash last year."

However, analyst Kenneth expressed the view that it was premature to interpret this rebound as a trend reversal. He stated, "Short-term rebounds like this require confirmation over a longer timeframe." Despite the recent uptrend, SHIB and BONK remain down approximately 88% and 78% from their all-time highs, respectively.

Reporter Do Ye-ri