Solana-Based Bonk, Dogwifhat Outshine Dogecoin And Shiba Inu Amid Broader Market Retrace — What You Should Know

Memecoins created on the Solana (CRYPTO: SOL) blockchain withstood the overall market drop on Monday to post encouraging gains. 

What happened: Dog-themed Bonk emerged as the best-performing billion-dollar capitalization meme coin in the last 24 hours and the third-best cryptocurrency overall, surging over 8%. 

The token's trading volume soared 92% to $486 million, indicating heightened demand. 

Dogwifhat, the largest memecoin on Solana by market capitalization, jumped 4.6% to extend its weekly gains past 40%. In fact, both BONK and WIF were up more than 40% over the week.

Popcat, the cryptocurrency market's biggest gainer this year, also traded in the green. The feline-themed coin was up a massive 12317% year-to-date.

Meanwhile, blue-chip meme currencies like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) retraced 3.90% and 1.68%, respectively. The total meme coin market valuation shrank nearly 5% in the last 24 hours.

See Also: Pay Taxes With Bitcoin? Ohio Senator Proposes Bill For Crypto Tax Payments, But There’s A Catch

Why It Matters: The strong performance of Solana-based meme coins coincided with the broader market decline owing to an escalation in geopolitical tensions in the Middle East.

Bitcoin (CRYPTO: BTC), the market bellwether, was down 1.36% in the last 24 hours, while Ethereum (CRYPTO: ETH) traded flat as of this writing. SOL, Solana’s native coin, lost 1.35% from yesterday.

Image via Shutterstock

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