Bonk and Dogwifhat meme coins surge amid crypto rally
In a notable surge within the cryptocurrency market, meme coins Bonk (BONK) and Dogwifhat (WIF) have seen substantial gains. BONK’s price has risen by 9% to $0.00002324, marking a 100% increase in a week and a 113% rise in the last 30 days. Meanwhile, WIF, a Solana-based meme coin, has been listed on Robinhood Crypto Europe and has jumped nearly 200% in a week, with an 18% increase in a single day to a new high of $1.03. These gains come as the wider crypto market experiences a rally, with Bitcoin’s price surpassing $60,000 and anticipation building around the Bitcoin block reward halving event in April.
BONK’s significant price movement is part of a broader trend in the cryptocurrency market, which has seen a 0.5% dip overall. Despite this, BONK has exploded during this week’s exchange-traded fund (ETF)-related market-wide rally, now sitting on a 3,100% increase over the past year. The meme coin is only 32% down from its all-time high (ATH) after a period of decline in January and February. With the market becoming more bullish and the potential onset of an “alt season,” BONK could see further gains. Its trading volume has also increased dramatically, from $50 million to $750 million in recent days.
Dogwifhat’s listing on Robinhood marks a significant milestone for the token, which gained prominence during the Solana network’s meme coin surge in December 2023. The token’s rapid rise has attracted attention from major exchanges like Binance, which offers trading for WIF with up to 50x leverage. The listing on Robinhood, which was done without much prior notice, allows European users to trade WIF. Following its debut on the platform, WIF’s price surged, setting a new all-time high and approaching a significant resistance level.
The performance of these meme coins, which are often inspired by internet memes and current events, has outpaced market leaders Bitcoin and Ethereum amid the wider crypto market rally. Meme coins are known for their higher volatility and can experience rapid price changes. While some, like Dogecoin, have demonstrated staying power, others may fade quickly due to factors such as low liquidity and shifting cultural trends.