Solana Meme Coins Bonk and Dogwifhat Spearhead Crypto Price Surge; Expert Forecasts WIF to Reach $10
An upsurge in crypto prices is being spearheaded by Solana meme coins Bonk (BONK) and Dogwifhat (WIF), with both showing approximately a 10% increase in the last 24 hours according to CoinMarketCap data.
Bonk’s most recent trading price was in the vicinity of $0.24, while Dogwifhat was trading at around $2.34. These two Solana meme coins have bounced back impressively, marking a 35% and 55% recovery from the lows seen last week. This rally coincides with an optimistic shift in sentiment within the crypto markets.
The recent resurgence lacks a clear trigger, though Bitcoin (BTC) has climbed nearly 9% from its recent lows. Speculations around a potential win for Trump in the upcoming election later this year could be contributing to this positive market mood. Additionally, the lower-than-expected US ISM Manufacturing figures might have further bolstered market confidence on Monday.
The sustainability of this market rebound remains uncertain, with significant importance attached to upcoming economic data releases later in the week, particularly Friday’s job market data. Despite the uncertainty, prospects are bright for Solana meme coins BONK and WIF.
What are the Growth Prospects for Solana Meme Coins Bonk and Dogwifhat?
BONK has recently maintained levels above its 200-day moving average, signaling strong bullish momentum. Historical data shows that when BONK previously bounced from its 200-day moving average in April, it recorded a 260% surge within a few weeks, suggesting the potential for another significant increase.
WIF, on the other hand, has broken a month-long downtrend and might soon make a swift recovery towards $4.0. Based on Elliot Wave analysis, a prominent crypto analyst named Bluntz has even suggested that WIF could potentially soar above $10, thereby surpassing a market capitalization of $10 billion. This projection, though ambitious, aligns with the market caps of other popular meme coins like Dogecoin and Shiba Inu.
To achieve such heights, the meme season would need to make a robust comeback.
Recommendation on a Foundational Meme Coin
While Solana meme coins BONK and Dogwifhat promise substantial potential during the upcoming bullish trends, those seeking even greater returns might want to explore a novel meme coin in its early stages. Cryptonews analysts are closely monitoring the meme coin landscape, with a particular interest in a new base meme coin.
Base Dawgz (DAWGZ) is making waves in the meme coin sphere, offering promising cross-chain functionalities despite being anchored on the Base network. Cryptonews.com’s in-house analyst, Arjay, anticipates significant growth potential for this coin.
For more insights on DAWGZ, visit the link above.