Solana, Bonk, WIF Make Record Gains, Lead Rally As Major Coins Stall

By Aaron Feuerstein March 01, 2024 In Dogwifhat, Memecoins, Solana
  • Solana has quietly amassed nearly 8% growth in just 24 hours.
  • Beyond the top ten cryptos, meme coins are making a surprising comeback.
  • Solana-based Bonk and DogWifHat showing remarkable gains, highlighting the unpredictable yet lucrative nature of niche crypto assets.

You would be forgiven if you didn’t pay much attention to Solana and meme coins the past few days. After all Bitcoin has seen all-time highs against the Australian Dollar, almost topping AUD $100,000, the Spot Bitcoin ETFs have hit record-breaking daily volumes and there seems to be a general air of excitement in the crypto-world.

But while Bitcoin and other assets in the top ten by market cap are taking a moment to catch a breath, Solana and, interestingly meme coins are continuing to make impressive gains.

Related: Bitcoin Hits ‘Magic Number’ for Millions of Aussies

Solana Gains Almost 8% in 24 Hours While BTC Stands Still

Solana has experienced tremendous success so far, the past few months have seen explosive growth, with SOL going from just under USD $10 (AUD $15) in December of 2022 to USD $133 (AUD $204) at present.

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In case you are still doing the maths, that’s a 1356% increase in just 429 days or 14 months. You’d be smiling all the way to the bank now if you scooped up some SOL in late 2022— congratulations if you are among those lucky ones.

Solana (SOL) gains over the past 14 months, source: TradingView

While the Solana blockchain suffered an outage in February, it seems this didn’t dampen the enthusiasm of investors much.  

So how high will SOL go this cycle?

Rumours online put a price target of USD $600 (AUD $922) on SOL—let’s see what’s possible.

Solana-based Bonk and DogWifHat Are Back

Is it meme season already?

This is a justified question, especially when you look at the strongest gainers in the crypto market outside the top ten.

While PEPE skyrocketed by 115% only a few days ago, it seems we are making our way down the list of meme coins early this season.

The price of Bonk (BONK) has risen by 95% in the past week, and BONK is starting to form a double-top, reaching highs seen in mid-December. At the time the dog-themed coin reached daily volumes of astonishing USD $1.88 billion (AUD $2.88 billion). 

Just a week ago that volume was only USD $53 million (AUD $81.4 million).

Bonk (BONK), November 2023 – March 2024, source: CoinMarketCap

Related: Arweave Soars, Leads Market Rally Following Testnet Release

What’s Wif That Hat?

Now, DogWifHat, yes that cute dog wearing a hat—for some reason—has doubled its price since we last reported about it in mid-January.

While WIF had whiffed up from about USD 17 cents (AUD $0.26) in December 2023 to USD 41 cents (AUD $0.63) in January 2024, now in March—in a head-spinning, mind-boggling, wait for it, hat-trick—it has reached USD 88 cents (AUD $1.35).

DogWifHat (WIF), all-time graph, source: CoinMarketCap

If that is not a jaw-dropping high-score I don’t know what is. Maybe the advent of FrogWifHat and Bonkwifhat—but that has to be a tale for another time.

Source: captainaltcoin.com

Aaron Feuerstein
Author

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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