A new meme coin on the Solana network, called Dogwifhat, has surpassed its competitor Floki, which operates on the Ethereum blockchain, in terms of market value. This indicates a notable achievement for the Solana-based token.
A recently emerged meme coin called Dogwifhat (WIF), built on the Solana blockchain, has surpassed the market capitalization of its Ethereum-based counterpart Floki (FLOKI), as reported by CoinGecko. With a current valuation of $310 million, Dogwifhat is gaining traction and posing a potential challenge to other meme coins like Pepe (PEPE).
Recent Meme Coin Performance: A Mixed Day in Crypto Markets
Over the last 24 hours, various meme coins showcased diverse performances. Dogecoin (DOGE) led the way with a modest gain of 1.7%, closely followed by Shiba Inu (SHIB) with a 1.4% increase. Notably, Bonk (BONK) stood out, experiencing a significant rise of 8.1%, maintaining its impressive 34.1% climb over the past week.
Pepe (PEPE) saw a minor uptick of 0.6%, while CorgiAI (CORGIAI) experienced a slight decline of 0.8%. The most remarkable performer during this period was Dogwifhat (WIF), surging by an impressive 45.4%. This surge adds to its speculative momentum, contributing to a staggering 222.0% increase in value over the past week.
Floki (FLOKI) had a more subdued 24 hours, marking a 1.5% increase, while Memecoin (MEME) displayed robust growth, jumping by 15.7%. Baby Doge Coin (BABYDOGE), however, dipped by 0.5%.
Post-BONK Solana Rally: Meme Coin Market Dynamics Unfold
Following the conclusion of the Solana rally propelled by BONK, meme coin prices experienced a substantial downturn, witnessing declines of up to 80% from their peak values.
Despite this notable pullback, there is ongoing speculation regarding the potential resurgence of interest in other Solana-based meme coins. While BONK itself displayed a modest 8% uptick in the last 24 hours, the broader market decline has not hindered the overall growth of the Solana ecosystem.
Investors remain vigilant, actively searching for the next breakout star among Solana-based meme coins that could potentially spark another rally.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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