WIF is up over 7% as Solana bulls return to the meme currency.
BONK followed WIF in defying the negative trend with a 2% increase in 24 hours.
If crypto market bearishness continues, meme currencies may suffer.
Even though meme currencies were crashing, Solana meme coins dogwifhat (WIF) and BONK gained 7% and 2% on Friday.
BONK and WIF refute gloomy trend
WIF fell early Friday along with other meme currencies, extending a Wednesday dip. The top Solana meme coin rose 14% in the previous two hours, reversing the trend.
After almost two months of silence, WIF bulls are active again. From mid-April to June, WIF steadily declined, erasing profits from the March Solana joke coin bubble. Ethereum-based PEPE entered the top 30 cryptocurrencies by market valuation, surpassing WIF as the third biggest meme currency.
After WIF hit a three-month low of $1.58 on June 24, bulls bought the dip, changing its bearish stance. Buyers drove WIF up 43% in a week before market bearishness caused a drop.
BONK has gained over 3% in 24 hours after a steep fall on Friday. The second largest Solana meme currency gained 18% in a few hours after a 15% drop, bringing its daily gain to 3%.
As the two biggest Solana meme currencies, WIF and BONK may have outperformed the market due to Solana's 1% gain.
Other prominent meme currencies including Dogecoin (DOGE), Shiba Inu (SHIBA), and PEPE have failed to break out of market bearishness.
Mt. Gox's BTC repayment scheme still has the crypto market reeling. Bitcoin (BTC) and Ethereum (ETH) fell 2.3% and 4.6%, respectively, wiping out $570 million in the crypto market in 24 hours. Meme coins may suffer most if the market collapse continues because to their high volatility and low cap.
Meme coins have lost 10.6% of their market valuation while the crypto market has fallen 3.4%.
