Elon Musk’s support played a significant role in the remarkable surge in popularity of Dogecoin (DOGE) on the internet between 2020 and 2021. As a result, several people achieved rapid financial success. Moving forward to 2022 and 2023, Solana had issues with FTX Trading Ltd., but after overcoming those issues, it is now seen as a potential hub for the next major meme coin.
Bonk (BONK) is a cryptocurrency that became popular as a meme coin while running on the Solana blockchain. This has significant consequences for Bitcoin. The coin formerly had a market capitalization of more than $1.5 billion, and its value has increased by tens of thousands of percent since its introduction.
Fans are already shopping for the next big meme money to buy, indicating that Bonk’s popularity is waning. The dogwifhat (WIF) token is derived from the dogwifhat meme, which features a dog wearing a hat. The Dogwifhat meme inspired it. With a market capitalization approaching $500 million, the token’s value skyrocketed upon its introduction in late 2023. It started at less than $0.10 and reached an all-time high of around $0.50 on January 18, 2024.
On January 19, the Ethereum Name Service (ENS) had the 100th-highest market capitalization of any coin, with a current value of $570 million. WIF’s present ranking of 12th in the Solana chain is something to ponder. This puts it ahead of projects such as Jito and Raydium.
Many people believe that the recent debut of WIF on Binance was the leading cause of the price surge. Users can now gamble on the price of WIF without having to buy the tokens, thanks to Binance’s announcement on January 18 about the opening of perpetual contracts for the currency. To participate in futures trading, traders must provide collateral in cash or other assets such as bitcoin.
One probable explanation for the rapid rise in WIF’s price is that the Binance listing drew a new group of investors, contributing to the price increase. Other exchanges may face similar consequences if they decide to list WIF coins; however, this is not certain. On the same day that Binance issued the token, a wallet swapped one million dollars worth of SOL for an equal amount of WIF. This should be reported. Even though this investment declined following the acquisition, there is some misunderstanding over the transaction date.
