Dogwifhat (WIF) and BONK Prices Explode – Here’s Why Solana Meme Coins Are Up

Obscure meme coins Dogwifhat (WIF) and Bonk (BONK), built on the Solana blockchain, abruptly gained notable value in the past week – far outpacing the moves by Bitcoin and bluechip altcoins. The notable rallies lend credence to the notion that the speculative crypto sector maintains animal spirits and upside potential.

The Unprecedented Surge of Dogwifhat (WIF)

Dogwifhat, known by its ticker WIF, has seen a notable rally, with its value surging by over 300% in the past week alone. The price movements over various timeframes are a testament to its rising popularity and market acceptance.

Specifically, WIF has surged by 1.7% in the last hour, 16.0% over the past 24 hours, 398.3% in the last week and an impressive 649.5% over the last month.

The Relative Strength Index (RSI) for WIF, which currently stands at 90.72, indicates a highly overbought condition. The RSI is a momentum oscillator that measures the speed and change of price movements, with an index above 70 typically signaling that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective price pullback.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

BONK’s Remarkable Performance

BONK, another meme coin making waves on the Solana blockchain, has also witnessed significant price increases. In the last hour, BONK’s price increased by 2.0%, and it saw a 51.5% rise over the last 24 hours.

Over the past week, the coin has jumped by 186.7% and a 229.7% rise over the past month. The one-year figure is even more impressive, with BONK posting a 5396.3% increase, highlighting the coin’s growth and the heightened investor interest it has garnered.

Similar to WIF, BONK’s daily chart RSI stands at 89, positioning it well into overbought territory. This suggests that BONK, like its counterpart WIF, might be experiencing a speculative bubble, with its price potentially inflated beyond its intrinsic value due to high trading volumes and speculative interest.

Solana Memes Maintain Cult Appeal for Speculators

More broadly, the notable surge for fairly obscure Solana meme coins highlights the lingering cultural appeal attached to crypto humor and community building that catalyzed previous manias for Dogecoin and Shiba Inu.

Speculative interest in meme coins like Dogwifhat, Bonk and others persists thanks to the accessibility memes provide average traders rather than overly complex defi offerings demanding advanced technical skillsets.

As cycles evolve, the ease of rallying around inside joke tokens retains outsized influence, pulling in new participant batches – especially amidst bullish optimism returning broadly across crypto markets. Hence, seasoned traders respect their continued viral potential.

You may also be interested in:

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

CaptainAltcoin
Logo