Stay updated with Dogwifhat's remarkable resilience amidst crypto market fluctuations and its potential to surpass fellow meme coin BONK.
Solana's meme token Dogwifhat (WIF) continues to soar after its recent listing on Binance. Despite the overall volatility in the crypto market affecting most other meme tokens, Dogwifhat remains resilient.
As of early Wednesday, Dogwifhat surged by up to 38% within the last 24 hours, according to data from CoinGecko. Although it has since stabilized to a 14.7% increase, it is currently trading at $2.10 at the time of this writing.
This serves as a timely reminder that meme token prices are highly susceptible to the whims of traders, making them inherently volatile and risky investments—many meme tokens fade into obscurity rather quickly.
What's particularly noteworthy about Dogwifhat's strength is its close competition with another Solana-based meme token, BONK.
At present, Dogwifhat boasts a market capitalization of $2 billion. With a mere 9% increase, it could surpass BONK's market cap of $2.2 billion. BONK, currently trading at $0.00003473, has experienced a 12.8% decline since this time yesterday. Nonetheless, it has enjoyed a 130% increase over the week, as per CoinGecko.
It's worth mentioning that Dogwifhat only entered the market three months ago, whereas BONK has a slightly different backstory.
BONK was created and launched by an anonymous team in December 2022. While it gained significant traction in November 2023, it experienced a sharp decline towards the end of the year.
During periods of price downturns, BONK developers have employed supply burns to increase scarcity and, consequently, the token's value. Some even monitor significant BONK burns through dedicated Twitter bots.
The trajectory of BONK mirrors that of several other meme tokens that once surged but have since stabilized, including Dogecoin, Shiba Inu, and PepeCoin.