As the market slowly corrects towards the end of the week, three major cryptocurrencies managed to secure a spot among the top five gainers on CoinMarketCap today.
These meme coins, which were previously undervalued due to their poor performance, are currently experiencing a massive comeback, attracting the attention of both traders and investors.
The three tokens in the spotlight are Dogwifhat WIF, Dogecoin(DOGE) (and Bonk) which, after being previously dismissed for their lackluster potential due to poor performance, have recently emerged as leaders in terms of daily gains.
#WIF is up a staggering 3.07% in the past 24 hours as of this writing, while#DOGEis up 2.85% and BONK is up 2.54%. This sudden surge has certainly shaken the market, especially given the correction period that other coins are experiencing.
WIF and BONK: Leading the Meme Coin Rise on Solana
Both WIF and BONK, known for their massive presence earlier in 2024, have proven their growing potential once again, showing that they are not just passing phenomena.
These coins have shown incredible durability and growth, and are built specifically on the Solana network, giving them a distinct advantage in the meme coin ecosystem. Meanwhile, observers have long seen Dogecoin, the world’s first meme coin, as a significant sign of the altcoin market’s rise.
Its volatility is sometimes seen as a precursor to broader market trends, especially in the meme token space, where DOGE typically leads the way.
Interestingly, Dogecoin’s recent on-chain activity has been gaining attention. According to CNF, DOGE on-chain activity has increased significantly, with the number of transactions hitting a three-month high. This surge in activity could signal renewed interest in DOGE, as well as the larger meme coin market.
Moreover, despite previous market declines, WIF has maintained its strength. Just a few days ago, as mentioned earlier, WIF topped the list of top daily gainers, continuing a strong trend despite ongoing market declines.
Meanwhile, as previously mentioned, Coinglass data showed that WIF’s open interest (OI) surged by a remarkable 29.99%, reaching $304.05 million at that moment.
This increase in OI indicates that investors are becoming increasingly interested in WIF, cementing its position as a token to watch in the coming days.
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