Bonk (BONK) and Dogwifhat (WIF) Suffer Sharp Declines as Market Plunges, Panshibi (SHIBI) Emerges as the Next Big Meme Coin

Bonk (BONK), a leading meme coin on Solana, has suffered a sharp decline, hitting a low and wiping out a significant chunk of its market cap.

The meme coin market has been heating up, with some tokens performing exceptionally well while others struggle to stay afloat. Among the top meme coins to watch, Bonk (BONK) has suffered a sharp decline, hitting a low and wiping out a significant chunk of its market cap. On the other hand, Dogwifhat (WIF) has plummetered from its all-time high, battling to regain momentum.

However, as these top meme coins face challenges, experts have been tipping a new crypto presale to outpace Bonk and Dogwifhat with a projected 22,000% surge. Introducing Panshibi (SHIBI), the most significant Asia-themed meme coin of 2025, merging meme culture, social-fi, and AI-driven quests to allow token holders to compete for rewards. With planned listings on Uniswap and major CEXs, early adopters could ride the wave of explosive returns before Q2 begins.

Bonk Hits New Lows as Market Plunge Liquidates Billions

The meme coin market has been volatile in recent days, with several popular tokens, including Dogecoin (DOGE) and Pepe (PEPE), reporting losses. As liquidations continue to accelerate, traders have lost nearly $344 million in long positions across the crypto space.

Among the meme coins that have been hit hard by the market downturn is Bonk, a leading meme coin on Solana. The token has seen its value decrease significantly, falling to a new low of $0.0475. This downturn has wiped out a massive $100 million from Bonk’s market cap.

The decline in Bonk’s price and market cap comes as no surprise given the broader market trends. With several major cryptocurrencies, including Bitcoin and Ethereum, reporting price drops, it’s clear that the market is bearish. This bearishness has led to investors pulling out of their positions, leading to a decline in meme coins like Bonk.

Moreover, Bonk’s price decrease could also be attributed to its acquisition of Exchange Art, a move that might not have resonated well with investors. Despite the acquisition, Bonk's future remains uncertain as its market value has plummetered from its all-time high. Investors remain skeptical about whether Bonk can regain momentum without a compelling narrative or fresh use cases.

The decline in Bonk’s enthusiasm signals a critical moment for the project as it struggles to prove its worth in the volatile market. Without renewed investor interest and significant upgrades, Bonk risks further devaluation, leaving traders wary of its long-term potential.

Dogwifhat Price Drops Despite Potential Bottom and Technicals

On the other hand, Dogwifhat (WIF) has plummetered from its all-time high, struggling to regain momentum. This sharp decline signals bearish momentum, making recovery prospects uncertain.

This analysis delves into the technical aspects of Dogwifhat's price movements and the possibility of a price bottom. It also considers market sentiment and the potential for a recovery.

Technical Analysis Shows Potential for Further Declines

Dogwifhat remains within a descending parallel channel, failing to show strong bullish reversal signs despite potentially completing a five-wave pattern and a wave count analysis hinting at a potential end to the correction.

To confirm a turnaround, Dogwifhat must reclaim the $4 resistance level, especially with technical indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) remaining bearish, increasing the risk of further declines.

If Dogwifhat breaks below its current range, defined by the Fib levels at $2.69 and $4, prices could plunge towards the next support zone at $1.41, signaling substantial losses for traders.

Dogwifhat's price has dropped significantly from its peak, falling below the $3 support level and testing the $2.69 zone. This decline follows a period of strong selling pressure that overwhelmed buyers.

However, there are signs that the selling pressure might be easing, and a bottom could be forming. The RSI indicator has reached oversold territory, suggesting that the price might be due for a bounce.

Moreover, the MACD indicator is nearing a crossover, which could indicate an upcoming bullish trend. This technical analysis shows that while there is still a possibility of further declines, the potential for a recovery in the second quarter is increasing.

Weak Market Sentiment Impacts Recovery Chances

The market sentiment towards meme coins remains crucial for Dogwifhat's fate. If the interest wanes, the price could decrease further, especially with the support level at $2.69 being tested.

The failure to hold the $4 support level reflects the fading bullish momentum, especially with its current price hovering around $3.27. Dogwifhat could slip further without renewed interest and intense buying pressure, testing the $2.69 support zone before any meaningful recovery attempt.

Panshibi Is Surging As Most Important Asia Meme Token