On July 9, the Bonk (BONK) meme coin briefly surpassed dogwifhat (WIF) in market capitalization. This move comes as Bonk price shot up nearly 20% in the past 48 hours, while dogwifhat hovers around 2% during the same period.
BREAKING: $BONK (@bonk_inu) FLIPS $WIF (@dogwifcoin) IN MARKET CAP TO BECOME THE LARGEST MEMECOIN ON SOLANA pic.twitter.com/KFyoRhAgKJ
— DEGEN NEWS (@DegenerateNews) July 9, 2024
BONK Overtakes WIF
Solana’s dog-based meme coins are battling it out for the top spot as Bonk’s market capitalization briefly hit $1.64 billion, overtaking dogwifhat. This move allowed BONK to claim the 49th largest crypto based on market capitalization.
This surge in Bonk’s price and market capitalization can be attributed to the meme coin growing popularity lately. Despite the brutal selloff, meme coins seem to have come out unfazed.
Read more: Six Reasons Behind Crypto Market Crash Today: A $1 Billion Meltdown
Due to the volatility of the market, however, dogwifhat has regained its top spots and currently maintains a market capitalization of $1.37 billion with WIF price per token trading at $1.63.
If Bonk’s price continues to show strength and the current trend persists, it is likely that Bonk will dethrone dogwifhat as the top Solana-based meme coin. The meme coin market has been volatile in recent weeks, with several new entrants.
If Bitcoin recovers, then this tide is likely to raise all ships, including altcoins and meme coins. But it will be interesting to see that how meme coins, specifically, will perform against the blue chip altcoins like Uniswap (UNI), Compound (COMP), etc.
