Dogwifhat vs. Bonk: Which Solana Meme Coin Can Dethrone Shiba Inu?
The cryptocurrency market concluded the first half of July with a bullish trend, as Bitcoin reclaimed the $62,000 mark, having traded below it for nearly two weeks. This recovery began to pick up last Saturday when Bitcoin was relieved from intense selling pressure by the German government. Amidst this renewed optimism, the Solana-based meme coins Dogwifhat and BONK experienced a sharp reversal due to their volatile nature. But which one is the better investment?
Also Read: Crypto Prices Today July 15: BTC Pumps To Break $62K, ETH Above $3,350, Altcoins Soar
Solana Meme Coin – Dogwifhat (WIF)
Since its introduction in late 2023, the Solana meme coin Dogwifhat (WIF) has quickly become a sensation. Its concept is rooted in a popular meme that depicts a Shiba Inu dog adorned with a pink beanie, capturing the playful spirit that drives much of the memecoin market.
Solana Meme Coin – Dogwifhat (WIF)| Tradingview
During the recent market downturn, the price of WIF demonstrated remarkable resilience, maintaining support above the $1.47 level. This stability was bolstered by both the horizontal support and the lower trendline of the descending channel pattern, offering a robust accumulation point for buyers.
In a four-day rally, the Dogwifhat price jumped from $1.52 to $1.77 registering a growth of 17%, while the market cap jumped to $1.79 Billion.
Under the influence of channel patterns, the WIF price is poised for a 64% rally before challenging the key overhead resistance. However, a breakout from this channel is required for a clearer indication of a trend reversal.
Also Read: 3 Reasons Pepe, Dogwifhat on the Cusp of Leading Meme Coin Super Cycle
BONK
Bonk (BONK) is a Solana-based meme coin, distinguished by its community-focused ethos and dog-themed branding. Launched initially through a widespread airdrop to Solana users on Christmas Day 2022, BONK quickly gained traction in the crypto community.
BONK| Tradingview
The mid-term outlook for the BONK price remains bullish, as indicated by the formation of a rising wedge pattern. During the correction in June, the pattern’s lower trendline provided dynamic support to buyers, helping to stave off a more significant downturn.
A recent reversal from the lower trendline has uplifted the asset 33.5% to trade at $0.000024, while the market cap surged to $1.65 Billion.
With sustained buying, the BONK coin could rally 90% before challenging the All-time high resistance around $0.000048. A further breakout will push BONK into price discovery mode with no major resistance previously recorded.
Key Takeaway
As per the technical analysis, the Solana-based Meme coins Dogwifhat shows a reversal pattern in development while BONK shows a trend continuation setup. In theory, the resumption of the prevailing trend holds a higher probability and a better chance of driving sustainable growth. Thus, the BONK coin could offer potential buyers a better opportunity which may even outperform the Second largest memecoin Shiba Inu.
The post Dogwifhat vs. Bonk: Which Solana Meme Coin Can Dethrone Shiba Inu? appeared first on CoinGape.
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