WIF surges over 7% as Solana bulls return to meme currency.
BONK follows WIF in defying the negative trend with a 2% 24-hour gain.
If the cryptocurrency market continues to decline, the meme currency could suffer.
Even though meme currencies are tumbling, meme coins Solana dogwiifhat (WIF) and BONK rose 7% and 2% on Friday.
BONK and WIF refute the gloomy trend
WIF fell early Friday along with other meme currencies, extending Wednesday's decline. The leading Solana meme coin increased 14% in the previous two hours, reversing the trend.
After nearly two months of silence, the WIF cows are back in action. From mid-April to June, WIF dropped steadily, erasing gains from the March Solana coin bubble. Ethereum-based PEPE entered the top 30 cryptocurrencies by market valuation, surpassing over WIF to become the third largest meme currency.
After WIF hit a three-month low of $1.58 on June 24, bulls bought in at low prices, changing their bearish stance. Buyers pushed WIF up 43% in a week before a market slowdown caused prices to fall.
BONK has gained more than 3% in 24 hours after falling sharply on Friday. The second-largest Solana meme coin jumped 18% in the hours after falling 15%, bringing the daily gain to 3%.
As the two largest Solana meme currencies, WIF and BONK may have outperformed the market thanks to Solana's 1% gain.
Other prominent meme currencies including Dogecoin (DOGE), Shiba Inu (SHIBA), and PEPE have been unable to break out of the bearish market trend.
Mt. BTC Refund Plan Gox still leaves the crypto market reeling. Bitcoin (BTC) and Ethereum (ETH) fell 2.3% and 4.6%, respectively, wiping $570 million off the cryptocurrency market in 24 hours. The meme coin could be hit the hardest if the market continues to crash because of its high volatility and low capitalization.
The meme coin lost 10.6% of its market value while the cryptocurrency market fell 3.4%.
