Dogecoin, WIF, and BONK Rally: Meme Coins Steal the Spotlight Today

• Dogwifhat, Dogecoin, and Bonk Inu lead the meme token market, showing impressive growth despite recent market corrections.
• WIF and BONK, built on Solana, showcase resilience, while DOGE’s activity signals renewed meme coin market interest.

As the market slowly corrects towards the weekend, three major meme tokens have managed to grab a seat among the top five gainers on CoinMarketCap today.

These meme coins, which were previously undervalued for their bad performance, are currently making a huge comeback, attracting the interest of both traders and investors.

The three tokens under light are Dogwifhat (WIF), Dogecoin (DOGE), and Bonk Inu (BONK). Previously dismissed as having little potential due to bad performance, they have recently emerged as the leaders in terms of daily gain.

WIF had risen by an astounding 3.07% over the last 24 hours as of the time of writing, DOGE had increased by 2.85%, and BONK had increased by 2.54%. This surprise gain has undoubtedly rocked the market, especially given the corrective period that other coins are suffering.

Source: CoinMarketCap

WIF and BONK: Leading the Meme Coin Resurgence on Solana 

WIF and BONK, both well-known for their great presence earlier in 2024, have once again proved their growing potential, demonstrating that they aren’t merely passing phenomena.

These coins have demonstrated incredible durability and growth, and they are specifically constructed on the Solana network, giving them a distinct advantage in the meme coin ecosystem. Meanwhile, observers have long seen Dogecoin, the world’s first meme coin, as an important sign of the altcoin market’s rally.

Its fluctuations are sometimes viewed as a forerunner to broader market trends, particularly in the meme token arena, where DOGE typically leads the way.

Interestingly, Dogecoin’s recent on-chain activities have received attention. According to CNF, DOGE’s on-chain activity has increased significantly, with transaction counts reaching a three-month high. This increase in activity could indicate a revived interest in DOGE, as well as the larger meme coin market.

Furthermore, despite previous market downturns, WIF has maintained its strength. Just a few days ago, as we previously reported, WIF led the list of top daily gainers, continuing a strong trend despite continued market declines.

Meanwhile, as we previously reported, Coinglass data showed that the Open Interest (OI) for WIF has surged by a remarkable 29.99%, hitting $304.05 million at that moment.

This increase in OI implies that investors are becoming more interested in WIF, strengthening its status as a token to monitor in the coming days.