Solana’s blockchain has taken the memecoin game by storm with two canine coins dominating the markets in recent months. Since its months-long surge that started in September last year, some of the projects within its ecosystem have also experienced noticeable rise, and those are BONK and WIF.
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BONK’s Remarkable Growth
BONK, although it was airdropped in December 2022, has experienced tremendous growth, having more than 700 million in market cap for a token that was built only 14 months ago and has had significant declines in recent weeks. That is a testament to major growth and increased interest from users.
The goal of the project also attracted many users. It is the first dog-themed coin on Solana “for the people, by the people” with 50% of the total supply of the cryptocurrency airdropped to the Solana community.
Although the price has declined massively from its December 2023 peak, it still remains more than 1000% (10x) up in the past one year.
The Rise of Dogwifhat
Dogwifhat (WIF) emerged in the cryptocurrency scene a year after BONK, specifically in December 2023. Similar to BONK, it quickly gained traction and attracted many new users. Dogwifhat is a memecoin that operates on the Solana blockchain and has gained both popularity and market value.
Over the span of four weeks, this crypto has experienced an impressive surge of over 120%, accumulating nearly $400 million in value within just a little over a month. Following in the footsteps of BONK, Dogwifhat embarked on an extraordinary run, skyrocketing by 5,535% as prominent platforms like Binance, KuCoin, Bybit, and Bitget listed the token.
BONK vs WIF: The Battle for Dominance
The ongoing battle between these memecoins raises the question of whether Dogwifhat can surpass the success of BONK. Notably, BONK has witnessed a significant drop from its all-time high (ATH) of $0.0000348, which was reached on December 15, 2023, experiencing a decline of 66% to $0.0000116.
In contrast, WIF has seen remarkable growth, with a substantial increase of 120% in the past month, reaching a trading price of $0.367. Although WIF initially experienced a strong surge of 111% upon being listed on Derivatives by Bybit, it underwent a gradual market correction. However, WIF managed to establish a new level of support at $0.21 and has since gained in price. Despite this progress, WIF’s global market capitalization remains smaller than that of BONK, with a value of $370 million.
Interestingly, looking at the 24-hour trading volume, WIF numbers are close to BONK, for a token that was only launched less than 2 months ago, $72 million is a large number compared to a token that has gained strength and attention for some months now with $126 million.
An analysis of blockchain data reveals a positive shift in BONK’s combined order book, indicating that long positions in the market exceed short sellers by $200k. This suggests that BONK may be on the cusp of a significant reversal in its price trend if this pattern persists.
Despite a decline in market value and social mentions over the past month, BONK’s Relative Strength Index (RSI) currently signals that it is close to being oversold with a value of 44, signaling there is room for growth when it starts to rise.
The Future Outlook
Given the recent growth trajectory and momentum of WIF compared to the decline BONK has experienced from its all-time high, there is a possibility that WIF could surpass BONK in market capitalization and trading volume in the future. However, BONK still maintains strong community support and higher overall market cap for now.
Ultimately, the battle between these two memecoins for dominance remains ongoing, and it is difficult to predict with certainty whether WIF will definitively grow bigger than BONK or if BONK will regain its former glory. Much depends on continuing community engagement, development activity, and overall crypto market conditions in the months ahead. But WIF’s remarkable ascent presents a serious challenge to BONK’s supremacy.
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