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.
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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.
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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.
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