Solana’s BONK Faces Dogwifhat in Battle for SOL Top Dog Status

• Solana’s top canine coins, Bonk and Dogwifhat, encircle a $4.20B market cap.
• Dogwifhat’s $5 price target remains far as WIF retraces 45% from the top.
• Bonk gains 16% weekly as on-chain data suggest deep BONK liquidity.

Solana’s popular canine coins Dogwifhat (WIF) and Bonk (BONK) have traded sideways for most of April. However, a change in price trend for BONK occurred two weeks ago, as the dog-themed coin surged 46.9% over the past 14 days.

This puts BONK halfway to a new all-time high, though the cartoon dog-embossed cryptocurrency has faced considerable competition from emerging peers on Solana (SOL) and other chains.

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WIF to Break Out of Bearish Constraints?

Meanwhile, WIF succumbed to a 10.5% weekly deficit due to a sharp crypto market correction, totaling the monthly losses to an eye-watering 41.3%. While the trading volume for Dogwifhat decreased by 27% over the past 24 hours, things aren’t looking as bad in the combined order book.

Currently, bids on WIF outsource the pending sales by nearly $3 million, hinting at reduced selling pressure at the current price range. Judging by the presently estimated market cap, WIF remains the big dog on Solana with a market cap of $2,644,669,362, which is still over $1 billion more than BONK .

As crypto traders on X expect to see WIF listed on Bybit’s Spot offering, this could turn the tables for WIF and switch the bearish price trend after trading in a descending parallel channel for the whole month. As of press time, WIF is changing hands at $2.66, according to CoinGecko.

BONK Holders Playing the Long Game

Simultaneously, some crypto analysts believe in BONK’s long-term potential. According to the combined liquidity books from CoinPaprika, its market depth is in the billions. The $6.16 billion in pending bids for BONK over the past 24 hours signify an increasing demand for the Solana memecoin, even with $5.76 billion in pending sales.

Measuring in yearly terms, Bonk has fetched a 3,820% increase in price in a 365-day timeframe. After being adopted by many major crypto exchanges in 2023, Bonk has reached the TOP 100 by global market cap, surpassing memecoin peers like Floki (FLOKI) and Pepe (PEPE) at its peak.

On the Flipside

• Despite assuming a higher position in crypto’s global charts by market capitalization, Dogwifhat sports a combined liquidity of $25 million, a drop in the ocean compared to Bonk’s $11.9 billion.

Why This Matters

Memecoins saw a successful bull cycle in March 2024, skyrocketing due to the mass appeal and entertaining nature of memes.

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