LIVESolana Dog Coins Have Their Day as BONK and WIF Post Big Price Gains
Major Solana meme coins BONK and WIF are on fire, posting considerable jumps in the last 24 hours despite the broader market correction.
The global crypto market cap currently stands at $2.4 trillion, marking a 2.30% decrease over the last day according to data from CoinGecko. Bitcoin, Ethereum, and all of the rest of the top 10 most capitalized cryptocurrencies are correcting today after a slow Monday.
However, some tokens are defying the market trend, with Solana meme coins BONK and Dogwifhat (WIF) standing out as two of the five best-performing tokens in the top 100 coins by market cap.
BONK, a dog-themed meme coin launched on the Solana blockchain on December 25, 2022, is up 13.5% in the last 24 hours. The coin spiked from $0.000021 to $0.000026, hitting a daily high of $0.000028 before correcting to its current price a few hours later. BONK is also up 40% in the week, and up 12% over the last 30 days, despite a heavy crash during the first half of April.
The spike comes as the Bonk DAO approved a proposal to burn over 278 billion BONK tokens, which is over $6.2 million worth of $BONK. The community vote ended with 418,625,159,192 votes in favor, representing a whopping 99.9% support of the proposal. A token burn is generally considered a bullish event because it reduces liquidity and makes the token scarcer.
From a Technical Analysis perspective, BONK is looking bullish but not strong enough to recommend a trade with a big margin of rewards. The coin is going through a price recovery phase, with the exponential moving average across 10 days (EMA10) and 55 days (EMA55) nearing a golden cross, confirming a bullish sentiment overall.
The Squeeze Momentum Indicator shows a strong bullish impulse, which is also confirmed by a strong Average Directional Movement Indicator showing that the current bullish movement is strong enough to expect further gains.
