Dogwifhat Price Skyrockets 50%: The Next BONK?
In a surprising turn of events, the price of Dogwifhat (WIF), one of the hottest meme tokens in the Solana ecosystem, has experienced a remarkable surge, soaring over 50% in the past few hours as of Jan. 04. This staggering price surge has sparked speculation among crypto enthusiasts, with many wondering if Dogwifhat could be the next BONK.
Dogwifhat’s Price Surge
After hitting a price low of $0.004 on the 13th of December last year, Dogwifhat initiated a sharp recovery, reclaiming the $0.14 per token territory. However, the peak proved short-lived as WIF encountered local resistance, prompting a subsequent sell-off that corrected the price by 9%. Despite this correction, Dogwifhat currently stands as the second most trending coin in the last 24 hours, according to DEX Screener.
Trading Volume and Market Capitalization
Impressively, WIF secures the second position in terms of trading volume, trailing only behind Pepe Coin (PEPE) with a substantial $13.5 million. According to CoinMarketCap data, the total trading volume of Dogwifhat, including centralized exchanges, has surged to $57.35 million. With a current capitalization of $126.03 million, Dogwifhat emerges as the title of the 9th largest meme coin in the crypto market.
Dogwifhat vs. BONK
The recent price movements of Dogwifhat have drawn comparisons with BONK, another popular meme coin in the Solana ecosystem. BONK had emerged as one of the most popular coins on Solana during the last market rally. However, profit-taking has set in for these previously unstoppable tokens, with BONK plunging 16% and WIF dropping 27% in just the last 24 hours. Despite these price drops, the recent surge in Dogwifhat’s price has led to speculation that it could follow a trajectory similar to BONK’s.
The Meme Coin Phenomenon
Dogwifhat sets itself apart from other meme coins with its association with a real Shiba Inu donning a hat, a departure from the more traditional cartoonish meme approach. The meme, featuring a dog in a hat, has been circulating on the internet since 2020, but its resurgence in the form of WIF has garnered newfound attention.
The rise of Dogwifhat and other meme coins like BONK highlights the unpredictable and volatile nature of the crypto market. These coins have seen impressive growth, with Dogwifhat experiencing a 20,000% increase in value within a week, and BONK surging 370% in a month. However, the speculative nature of these assets also means they can experience sharp price drops, as seen with BONK’s recent 16% plunge.
Most promising Solana ecosystem tokens for 2024
The Solana ecosystem is recognized for its high throughput and low transaction costs, which have attracted a variety of projects across different sectors. Several projects have been highlighted for their potential:
- Realy (REAL): A token associated with a metaverse that integrates socializing, gaming, and trading on the Solana blockchain.
- Synthetify (SNY): A decentralized platform for synthetic assets on Solana, allowing users to create and trade synthetic versions of real-world assets.
- Metaplex (MPLX): A protocol for creating and launching NFTs on Solana, which could play a significant role in the NFT space.
- Raydium (RAY): An automated market maker (AMM) that interacts with the Serum DEX, providing liquidity and yield farming opportunities.
- Hubble Protocol (HBB): Aims to offer a variety of DeFi services, including borrowing and lending on the Solana blockchain.
The recent surge in Dogwifhat’s price has certainly caught the attention of the crypto community. While it’s too early to say whether Dogwifhat will follow in BONK’s footsteps, its impressive price surge and trading volume indicate that it’s a meme coin to watch. However, as with all investments, potential investors should approach with caution, acknowledging the volatility and inherent risks associated with meme coins.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information