Despite a 2.30% decrease in the global crypto market cap over the last day, driven by corrections in Bitcoin, Ethereum, and other top 10 cryptocurrencies, Solana-based meme coins BONK and Dogwifhat (WIF) have defied the trend, emerging as two of the top-performing tokens in the top 100 coins by market cap.
BONK, a dog-themed meme coin launched on the Solana blockchain, has surged by 13.5% in the last 24 hours, reaching a high of $0.000028 before settling at its current price. This spike follows a proposal by the Bonk DAO to burn over 278 billion BONK tokens, worth over $6.2 million. The overwhelming community support for the proposal, with a 99.9% approval rate, underscores bullish sentiment. Technically, BONK shows bullish signs, with the EMA10 and EMA55 nearing a golden cross, indicating a potential uptrend. The Squeeze Momentum Indicator and Average Directional Movement Indicator also signal a strong bullish impulse.
WIF, another Solana-based meme coin, has seen a spike of nearly 8.5% in the last 24 hours, with no major news driving the movement. Rising from $3.05 to a daily high of $3.54, WIF demonstrates bullish momentum. Despite a 50% correction in early April, WIF's overall outlook remains bullish, with increasing gaps between the EMA10 and EMA55 suggesting accelerating prices. The Squeeze Momentum Indicator indicates a trend reversal, with traders reinvesting after the correction.
For BONK, maintaining momentum could lead to testing new resistance levels near $0.000028 and $0.000037, while a correction might see support near $0.000020. Similarly, WIF's bullish sentiment could target the zone between $4.20 and its all-time high of $4.80, with potential support near the EMA55 at $2.60 in case of a momentum loss.
While these price surges present opportunities, investors should remain cautious, given the inherent volatility and speculative nature of meme coins. Monitoring market trends and technical indicators can aid in informed decision-making amidst fluctuating market conditions.
Kraken lists BONK and WIF meme coins for UK users, alongside other new coins. Expansion includes TradeStation Crypto and Coin Meester B.V. acquisitions. Kraken Wallet offers open-source solution for diverse blockchain assets, enhancing security.
EdmundMeme, NFT, cryptocurrency, Meme coin vs elite coin: a cultural revolution in the crypto world Golden Finance, at present, Meme coin may be the best honest alternative.
JinseFinanceDive into the world of Dogwifhat, the Solana-based meme coin making waves in the crypto market with its Bybit listing and significant price surge. Explore its potential and charm in our latest blog.
MiyukiInsiders close to Stephen Chow's team reveal that Moonbox, his Web3 startup, is gearing up for the January launch of the Moonbox App. The app, set to be freely accessible to users, has undergone extensive development, with a unique focus on NFT interactions powered by AI.
JoyExplore the captivating world of DigiToads (TOADS), a hybrid DeFi meme coin on the Ethereum blockchain. Beyond memes, DigiToads offers a play-to-earn gaming platform where users breed, train, and battle NFT toads for TOADS tokens. Staking TOADS and NFTs further enhances earnings, and a commitment to environmental sustainability sets DigiToads apart in the meme coin landscape.
Huang BoMany so-called Sam Coins have staged a surprising recovery this month, despite the fact that FTX crypto exchange is still offline while it goes through bankruptcy proceedings.
BitcoinistMetaverse is still very much important as the days of the internet are taking a new shape with the migration of different projects into Web3.
NulltxCryptocurrencies are constantly evolving, with new projects and technologies popping up all the time. It can be hard to keep ...
BitcoinistNulltxThe “Crypto Street Restaurant,” which accepts all crypto assets for food payments, has only received five-star reviews so far.
Cointelegraph