Despite a 2.30% decrease in the global crypto market cap over the last day, driven by corrections in Bitcoin, Ethereum, and other top 10 cryptocurrencies, Solana-based meme coins BONK and Dogwifhat (WIF) have defied the trend, emerging as two of the top-performing tokens in the top 100 coins by market cap.
BONK, a dog-themed meme coin launched on the Solana blockchain, has surged by 13.5% in the last 24 hours, reaching a high of $0.000028 before settling at its current price. This spike follows a proposal by the Bonk DAO to burn over 278 billion BONK tokens, worth over $6.2 million. The overwhelming community support for the proposal, with a 99.9% approval rate, underscores bullish sentiment. Technically, BONK shows bullish signs, with the EMA10 and EMA55 nearing a golden cross, indicating a potential uptrend. The Squeeze Momentum Indicator and Average Directional Movement Indicator also signal a strong bullish impulse.
WIF, another Solana-based meme coin, has seen a spike of nearly 8.5% in the last 24 hours, with no major news driving the movement. Rising from $3.05 to a daily high of $3.54, WIF demonstrates bullish momentum. Despite a 50% correction in early April, WIF's overall outlook remains bullish, with increasing gaps between the EMA10 and EMA55 suggesting accelerating prices. The Squeeze Momentum Indicator indicates a trend reversal, with traders reinvesting after the correction.
For BONK, maintaining momentum could lead to testing new resistance levels near $0.000028 and $0.000037, while a correction might see support near $0.000020. Similarly, WIF's bullish sentiment could target the zone between $4.20 and its all-time high of $4.80, with potential support near the EMA55 at $2.60 in case of a momentum loss.
While these price surges present opportunities, investors should remain cautious, given the inherent volatility and speculative nature of meme coins. Monitoring market trends and technical indicators can aid in informed decision-making amidst fluctuating market conditions.
Kraken lists BONK and WIF meme coins for UK users, alongside other new coins. Expansion includes TradeStation Crypto and Coin Meester B.V. acquisitions. Kraken Wallet offers open-source solution for diverse blockchain assets, enhancing security.
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