Solana Memecoins: WIF, BONK, POPCAT Hit Rough Waters
Solana memecoins, once riding high, are now facing turbulent times, with tokens like Dogwifhat (WIF) and BONK witnessing nearly 3% dip, while Popcat saw a 4% tumble.
The recent downturn hasn't dampened the enthusiasm for memecoins, which remain a high-risk, high-reward investment avenue. Some traders earlier have reaped substantial profits, with several minting millions đ€in gains.
Memecoins experienced a meteoric rise in the first 5 months of 2024, with some seeing gains exceeding 1,000%. However, their dominance in the market has waned, with many now in the red, particularly Solana memecoins.
Solana's flagship memecoin, WIF, has experienced a 3.6% drop, trading at $3.25 currently. Despite this setback, it has still managed to surge by 7.5% for the week and 19% for the month. With a market cap of $3.253 billion, WIF ranks as the fourth-largest memecoin, following $DOGE , $SHIB , and PEPE.
Despite the recent slowdown, some analysts remain bullish on WIF's prospects, drawing parallels to the explosive growth seen with tokens like LUNA in 2021. They predict a potential breakout for WIF, with price targets exceeding $6 in the coming weeks, potentially pushing its market cap beyond $6 billion.
While $WIF takes the spotlight, other Solana memecoins have experienced varying degrees of price action. BONK, the second-largest, saw a 2.3% dip, trading at $0.00003342, with a market cap of $2.2 billion. POPCAT also saw a decline of 3.7%, trading at $0.3925.
Amidst the dips, Book of Meme (BOME) managed to stay in the green, gaining 2%, while Cat in a dogs world (MEW) emerged as one of the big gainers with an 8% increase.
Despite the overall slowdown, memecoins remain popular among traders due to their inherent volatility, often outpacing other tokens in terms of surges & gains. Eg, one trader's investment of under $6,000 in over six million WIF tokens last December has yielded $1.6 million in profits, with the trader still holding over 1.4 million tokens valued at $5.5 million presently.
