Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Even as Bitcoin (CRYPTO: BTC) is just about 5% from its all-time highs, Solana's (CRYPTO: SOL) blockchain has unleashed a new wave of excitement with its meme coins, Bonk (CRYPTO: BONK) and Dogwifhat (CRYPTO: WIF), capturing the market's attention with their astonishing rallies.
These digital assets, emerging over the last year, have quickly drawn comparisons to the meteoric rises of Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) during the cryptocurrency bull run of 2021.
As BONK and WIF continue to chart impressive gains, they signal a potential shift in the memecoin hierarchy, challenging the dominance of their predecessors with significant price movements and market speculation.
In the last 90 days, WIF’s price has increased 10x, according to Coinedition.
BONK, on the other hand, has climbed by 478%.
Within the same timeframe, DOGE’s price increased by 90.51% while SHIB jumped by 204.02%.
The momentum shown by BONK and WIF suggests that they could outperform the top two meme coins in the market. However, SHIB and DOGE’s market cap was far higher than WIF and DOGE.
At press time, DOGE’s market cap was $24.17 billion while SHIB’s was over $16 billion.
BONK’s market cap crossed the $2 billion mark, but WIF was a little below it at around $1.7 billion.
A situation like this suggests that the Solana-based meme coins might still have massive upside potential.
BONK Price Prediction BONK, as displayed, on the four-hour chart, continued to hit new highs.
At the time of writing, the value of the cryptocurrency was $0.00003232.
Before the jump, the Solana-based meme coin encountered resistance at $0.00002678.
However, bulls defended the $0.00002307 support as the price rebounded.
Currently, BONK was overbought as the RSI indicated.
Typically, this is supposed to trigger a retracement.
Also Read: Bitcoin Surges Past $66,000: Will It Reach An All-Time High This Week?
However, BONK’s price could also extend higher due to signals from the Average True Range (ATR).
At the time of writing, the ATR reading increased, indicating high volatility.
However, the high volatility could either trigger a higher price or dump BONK harder.
In a highly bullish case, BONK’s price could delete one zero and hit $0.00010.
If this is the case, the cryptocurrency could continue to outperform SHIB and DOGE.
On the other hand, the price of BONK might nosedive if the capital coming into it moves elsewhere.
WIF Price Trajectory
WIF seems to be losing its bullish momentum as the Awesome Oscillator (AO) displayed high-rising red histogram bars.
This AO position suggests that WIF’s price could slide below $1.74.
The Bollinger Bands (BB) indicated high volatility just like the way the ATR showed it with BONK. However, the upper band of the BB tapped WIF around the $1.70 region, indicating that the token was overbought.
In this instance, WIF could decline to $1.65.
But the long-term outlook for the token remains one to watch out for.
If WIF repeats the performance it has had in the last 30 days, it could rise another 10x.
Should this be the case, its market cap would close in on that of DOGE and SHIB.
Read Next: Bitcoin Options On Horizon? Grayscale Pushes For Regulatory Approval
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.