News from the strange world of Solana meme coins: BONK experiences price correction after 300 percent monthly increase, a new competitor called dogwifhat (WIF) records almost 3,000 plus in one week.
It seems that meme coins can’t do much without dogs – Dogecoin (DOGE) triggered a trend years ago that is still going strong. The most recent examples can be found in the Solana (SOL) ecosystem, where the community is celebrating its own meme coins and driving them to price capers. BONK kicked things off around a year ago and the token with a cartoon dog as its symbol has been going into turbo mode for a good month now. BONK has recorded monthly gains of around 300 percent and has thus fought its way into the top 100 most capitalized cryptocurrencies, even if a daily drop of minus 15 percent currently demonstrates the volatility. BONK was recently given a boost by the listing of futures on Binance.
Where such stories happen, imitators are not long in coming. dogwifhat (WIF) is just what the name suggests: a dog with a hat as a cryptocurrency and therefore perfect for a meme coin. For a week now, dogwifhat (WIF) has been increasingly traded on some decentralized crypto exchanges and CoinGecko is up almost 3,000% for this period. This means that dogwifhat has already achieved a market capitalization of more than USD 100 million virtually out of nowhere, which is reminiscent of the rocket launch of BONK in January 2023. The dogwifhat website is worth a laugh and makes it clear that the meme coin is intended to humorously demonstrate the advantages of the Solana ecosystem over Ethereum (ETH).
You can now easily find posts on social networks where investors tell of their incredible success stories with meme coins. On the other hand, people prefer to keep quiet about the crashes. But whether we like it or not – with PEPE and Shiba Inu (SHIB), there are now four meme coins among the 100 cryptocurrencies with the highest capitalization alongside Dogecoin and BONK, and three of them have dogs as symbols.
Conclusion: dog race among meme coins with BONK and dogwifhat
Probably the best-known meme coin fan in the world is Elon Musk, who promotes Dogecoin. But the Tesla boss and owner of X (formerly Twitter) has apparently lost interest in DOGE for some time now and Musk himself is now becoming the target of meme coins. What will happen with BONK, dogwifhat and all the other dog coins? Anyone making predictions there is entering uncharted territory. As we all know, the popularity and spread of memes cannot be predicted.
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