Solana Meme Coin Mania Falls Flat As Bonk (BONK) And Dogwifhat (WIF) Implode

Updated: 08 January 2024

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The Solana meme coin mania that erupted in December has plunged into reverse as the platform’s two top tokens by market cap, Bonk (BONK) and Dogwifhat (WIF), plummet.

The Bonk price, which skyrocketed more than 1,000% last month, is down 23% in the past week while Dogwifhat has plunged 53% over the same period.

The dog-themed Bonk had earned a place among tier-one trading platforms after gaining listings on exchanges including Binance, KuCoin, and Coinbase. It’s now down 74% from its ATH on December 15.

Bonk had surged past Pepe coin (PEPE) on Dec. 12 to become the third-largest meme coin by market cap behind Dogecoin (DOGE) And Shiba Inu (SHIB), when its market cap soared to $778 million. That has since plunged to $659 million, though Bonk remains the third-largest meme coin.

yep the coinbase effect? $BONK up already 4-10x on my buys pic.twitter.com/iuL5EoR1LW

— JayOw.sol (@jayowtrades) December 7, 2023

The cute Dogwifhat meme coin surged so hard in December that it made one lucky trader a lot of money. He purchased $1,000 of the meme coin in late November and turned the gambit into $100,000.

The trader had purchased WIF shortly after its launch on Solana because he thought a dog wearing a hat was ”very funny.” It’s plunged 78% from its ATH recorded on December 19. Its market cap now stands at $79.5 million.

Solana Meme Coins Not Without Hope

Still, Solana-based meme coins aren’t entirely without hope. Myro (MYRO), named after Solana founder Raj Gokal’s dog, has surged 196% in the past week and is up 12% in the past day to trade at $0.07061 as of 8:16 a.m. EST.

Elsewhere in the cryptosphere, there are other meme coins that are outperforming. Sponge stood out over the weekend with an 84% surge in 24 hours, and it’s up 115% in the past week to trade at $0.0008873 at 8:16 a.m. EST.

TradingView: SPONGE/USDT 1-day chart

One thing attracting attention to the Sponge token is that Tron founder Justin Sun is a holder. Sun holds Sponge worth more than $90K, triggering speculation over whether he will buy and stake more of the token as it bridges from Sponge V1 to the new, upgraded Sponge V2 that’s in presale.

https://twitter.com/spongeoneth/status/1736710430888739065

Sponge has also earned a place on this ranking of the best meme coins to invest in with the potential for exponential growth.