Solana’s BONK Tumbles 40%; Is Dogwifhat the New Darling?

Solana’s blockchain has taken the memecoin game by storm with two canine coins dominating the markets in recent months.

Woolly hat Shiba Inu took a baseball bat of the other shib behind him who is now laying on the ground.
Created by Kornelija Poderskytė from DailyCoin
  • Solana takes over the memecoin space with two popular canine coins.
  • BONK has been trading in a descending parallel channel for a month.
  • Solana’s dog-themed crypto Dogwifhat (WIF) soars upon Bitget listing.

Solana’s memecoin Bonk (BONK) has set off a wave of memecoins emerging on SOL’s blockchain. While BONK was launched in early 2023, the breakthrough occurred in December 2023, when the Solana Savior entered the TOP 50 by global market capitalization, claiming a $2 billion market cap after a parabolic 4424% monthly run.

Along the way, BONK scored multiple listings by top crypto exchanges. In mid-December 2023, BONK was simultaneously listed by the two largest platforms, Binance and Coinbase. KuCoin immediately followed the two crypto giants, making BONK a top choice among memecoin traders. However, with a new dog in crypto town, the memecoin landscape has shifted.

Dogwifhat (WIF), the younger sibling of BONK, started making waves in the crypto sphere after the one-month-old memecurrency obtained several major listings. Like BONK, WIF embarked on a parabolic 5,535% run as Binance, KuCoin, Bybit, and Bitget listed the token.

Can Dogwifhat Grow Bigger Than BONK?

While the memecoin battle continues at full pace, it’s noteworthy that Bonk has significantly dropped from the all-time high (ATH) of $0.00003416 set on December 15, 2023. Sliding down by 69% from the milestone, BONK lost 42% of its value in the last 30 days and exited the TOP 100 by global market cap. Currently, the #101 seated BONK is changing hands at $0.00001047.

On the other hand, WIF fetched 118.7% in the last 30 days to trade at $0.3509. WIF went through a gradual market correction since last week, dropping 15.9% of its market value after an initial 111% run upon Bybit listing the coin on Derivatives.

However, WIF found a newly formed support cluster at $0.21 and has since upped the ante by 14 cents. With a global market capitalization of $351,141,240, WIF is still two times smaller than BONK. On top of that, the trading volumes for BONK and WIF are almost identical – $47 million for BONK and $48 million for WIF in the last 24 hours.

Bonk’s way up is challenged by the decreasing social presence, which the newer memecoin WIF partly takes away. However, the blockchain data shows a positive switch in BONK’s combined order book, with long positions exceeding short sellers by $0.24M. BONK could be heading for a drastic price trend reversal if the tendency persists.

On the Flipside

  • Both BONK and WIF have an anonymous dev team, but these memecoins tend to find utility in airdrops between Solana community members.
  • Despite the monthly decline in market value and social mentions, BONK’s Relative Strength Index (RSI) flashes an overbought condition at 19.77.

Why This Matters

Memecoins drive social mentions and accelerate crypto adoption because of their mass appeal.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.