Solana Memecoins WIF And BONK Explode By Double Digits: Key Reasons

Name	Symbol	Market	Market Cap ($)	Algorithm
Hedera Hashgraph	HBARUSD	Crypto	13,343,478,090	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Hedera Hashgraph

HBARUSD

Crypto

13,343,478,090

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.03352	10.28%	0.35962	0.35962	0.35966

Price Change

Price Change %

Current Price

Bid Price

Offer

0.03352

10.28%

0.35962

0.35966

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.37357	0.31871	0.32094	0.32601	0.041550 - 0.401000

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.37357

0.31871

0.32094

0.32601

0.041550 - 0.401000

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	12:54:57	211.75	0.35993	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

12:54:57

211.75

0.35993

USD

Price x Volume	Volume	Base Symbol	Related Pairs
105,570,497.86	302,913,813.32	HBAR	HBAREUR	HBARGBP	HBARBTC

Price x Volume

Volume

Base Symbol

Related Pairs

105,570,497.86

302,913,813.32

Solana Memecoins WIF And BONK Explode By Double Digits: Key Reasons

24/04/2024 12:30pm

NEWSBTC

Two Solana-based memecoins, Bonk (BONK) and Dogwifhat (WIF), have registered substantial gains over the past 24 hours. BONK recorded a 35% increase, while WIF climbed by 19%, positioning them among the top three gainers in the top 100 cryptocurrencies by market cap today. Only Hedera Hashgraph (HBAR) surpassed them, with a notable 44% rise during the same period. Resolution Of Solana’s Congestion Issues Spurs Memecoins The significant uptick in these Solana memecoins is closely linked to the recent improvements in the Solana network’s performance. A tweet from SolanaFloor earlier today indicated, “BREAKING: Solana’s congestion issues have been completely resolved, with block production back to normal. Transactions confirming in under 2 seconds.” This announcement marks a pivotal moment for the network which had been plagued by congestion issues. Source A: https://t.co/2TVnbaPNlHSource B: https://t.co/GfHxy8dC1B — SolanaFloor | Powered by Step Finance (@SolanaFloor) April 24, 2024 On April 15, Solana developers rolled out crucial updates designed to alleviate these problems, urging validators to adopt version v1.17.31. This version introduces changes in the treatment of validators based on their stakes. Further enhancements are anticipated with the release of version v1.18 next month, which will include a new scheduler, albeit disabled by default. Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished Andrew Kang, founder of Mechanism Capital, remarked a few days before the fix, “Let’s also not forget that the Solana congestion issues have weighed down SOL and Solana-based memecoins significantly. It’s not a question of if but when the network is significantly improved. That’s your springboard.” Kang’s comments now seem prophetic as the resolution of network issues has indeed acted as a springboard for memecoin valuations. Specifics On Rally Of Dogwifhat (WIF) And BONK The price of WIF soared to a 24-hour high of $3.43 on April 24, buoyed by an impressive 96% increase in trading volume. This influx was fueled by notable acquisitions from whales like Ansem, who capitalized on the positive market sentiments. Related Reading: Solana Price Jumps 7% On Bitcoin And Ethereum ETF Approvals, Network Congestion Update The breakout above the resistance level at $3.18, after a week of sideways trading between $1.97 and $3.18, was a significant trigger. WIF formed a two-week-long ascending triangle, a bullish chart pattern that indicated a continuation of the previous upward trend. The breakout was widely discussed in the crypto community, with trader Bluntz Capital confirming the pattern’s resolution and sparking further bullish sentiment. 2 week long ascending triangle forming here on $WIF, i think the breakout is imminent pic.twitter.com/S0OZWBsq6u — Bluntz (@Bluntz_Capital) April 24, 2024 BONK is registering a dramatic 35% rise, with a remarkable 304% increase in trading volume. The price action successfully breached the 0.236 Fibonacci retracement level at $0.000020727, and continued its upward trajectory to the 0.5 Fibonacci level, signaling strong buying interest and bullish momentum. This rally probably gained additional support from the recent listing of BONK by the global neobank Revolut, which was announced on April 22. This inclusion in Revolut’s trading platform, which features over 150 digital currencies, provided significant exposure and legitimacy, further enhancing investor interest and market activity around BONK. Featured image from Shutterstock, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

HBARUSD Hedera Hashgraph