- Solana’s top dog coins, Bonk and Dogwifhat, have a market capitalization of $4.2 billion.
- Dogwifhat’s $5 price target remains in place as long as WIF retraces 45% from its highs.
- Bonk gains 16% weekly as on-chain data suggests deep BONK liquidity.
Solana’s popular dog coins, Dogwifhat (WIF) and Bonk (BONK), were trading sideways for most of April. However, the change in BONK’s price trend occurred two weeks ago, with the dog-themed coin soaring 46.9% in the past 14 days.
This has pushed BONK to half a new all-time high, but the cartoon dog-shaped cryptocurrency faces significant competition from Solana (SOL) and other emerging peers on the chain.
WIF breaking out of bearish constraints?
Meanwhile, WIF recorded a 10.5% weekly loss due to a sharp cryptocurrency market correction, bringing its total monthly loss to 41.3%. Although Dogwifhat’s trading volume has decreased by 27% in the last 24 hours, things do not look bad on the integrated order book.
The current bid for WIF outsources nearly $3 million in pending sales, suggesting reduced selling pressure in the current price range. Judging by its current estimated market cap, WIF maintains its lead over Solana with a market cap of $2,644,669,362, which is still more than $1 billion more than BONK.
As cryptocurrency traders at As of press time, WIF is changing hands at $2.66, according to CoinGecko.
BONK holders engaging in long-term play
At the same time, some cryptocurrency analysts believe in BONK’s long-term potential. According to CoinPaprika’s consolidated liquidity ledger, the market size is in the billions of dollars. $6.16 billion in pending bids for BONK in the last 24 hours means demand for Solana memecoins has increased despite pending sales of $5.76 billion.
Measured on an annual basis, Bonk saw its price increase by 3,820% over a 365-day period. Adopted by many major cryptocurrency exchanges in 2023, Bonk reached the TOP 100 by global market capitalization, outperforming memecoin peers such as Floki (FLOKI) and Pepe (PEPE) in its prime.
On the flipside
- Despite occupying a higher position on the cryptocurrency global charts by market capitalization, Dogwifhat has total liquidity of $25 million, a significant decrease compared to Bonk’s $11.9 billion.
Why This Matters
Memecoin had a successful bull cycle in March 2024, surging due to the meme’s mass appeal and entertaining nature.
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