Solana-Based Bonk, Dogwifhat Outshine Dogecoin And Shiba Inu Amid Broader Market Retrace — What You Should Know

Memecoins created on the Solana SOL/USD blockchain withstood the overall market drop on Monday to post encouraging gains. 

What happened: Dog-themed Bonk emerged as the best-performing billion-dollar capitalization meme coin in the last 24 hours and the third-best cryptocurrency overall, surging over 8%. 

The token's trading volume soared 92% to $486 million, indicating heightened demand. 

Dogwifhat, the largest memecoin on Solana by market capitalization, jumped 4.6% to extend its weekly gains past 40%. In fact, both BONK and WIF were up more than 40% over the week.

Cryptocurrency	Gains +/-	Price (Recorded at 11:15 p.m. EDT)
Bonk BONK/USD	+8.06%	$0.00002485
dogwifhat (WIF)	+4.66%	$2.51
Popcat (POPCAT)	+1.08%	$1.01

Popcat, the cryptocurrency market's biggest gainer this year, also traded in the green. The feline-themed coin was up a massive 12317% year-to-date.

Meanwhile, blue-chip meme currencies like Dogecoin DOGE/USD and Shiba Inu SHIB/USD retraced 3.90% and 1.68%, respectively. The total meme coin market valuation shrank nearly 5% in the last 24 hours.

See Also: Pay Taxes With Bitcoin? Ohio Senator Proposes Bill For Crypto Tax Payments, But There’s A Catch

Why It Matters: The strong performance of Solana-based meme coins coincided with the broader market decline owing to an escalation in geopolitical tensions in the Middle East.

Bitcoin BTC/USD, the market bellwether, was down 1.36% in the last 24 hours, while Ethereum ETH/USD traded flat as of this writing. SOL, Solana’s native coin, lost 1.35% from yesterday.

Image via Shutterstock

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