Solana-based memecoins dogwifhat (WIF) and Bonk (BONK) are currently the two best-performing cryptocurrencies among the top 100 projects by market cap. WIF is up by 19.7% in the daily charts and BONK is up by 17% in the same time frame. WIF has, however, suffered a 7.4% correction in the weekly chart, while BONK is up by 7.2% in the same time frame. Both assets are down by more than 30% over the previous month.
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The general market has undergone a significant correction over the last few days, with Bitcoin (BTC) briefly going below $60,000 on Monday. BTC has since recovered the $60,000 level and the global crypto market cap has risen 1.2% in 24 hours, currently sitting at $2.39 trillion.
The current market decline may have been caused by Bitcoin miners selling their holdings since the average cost of mining Bitcoin has risen to $86,000. Another factor that might have hurt crypto assets was the absence of new money entering the market. Prices may also be declining due to a high level of investor fatigue.
Will the Solana-based memecoins continue to rally?
Traders may be pivoting to memecoins as major assets take a hit. Pepe (PEPE) and Floki (FLOKI), two other popular cryptocurrencies are also witnessing a surge in the daily charts. Traders may be opting for memecoins while mainstream crypto assets trade in the red zone.
According to CoinCodex data, WIF will continue its bullish trajectory over the next few weeks. The platform predicts the Solana-based memecoin to hit $2.47 on June 30, 2024. WIF may even continue to rally throughout most of July.
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The platform paints a similar picture for BONK as well. CoinCodex data suggests BONK will hit $0.00002906 on June 30, 2024. The platform also anticipates BONK to continue its rally into July.