WIF and BONK: Leading the Meme Coin Resurgence on Solana

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.

Three meme tokens have managed to secure a spot among the top five gainers on CoinMarketCap today, as the market slowly corrects towards the weekend.

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.

WIF and BONK: Leading the Meme Coin Resurgence on Solana

Both WIF and BONK, which were known for their strong presence earlier in 2024, have once again proved their growing potential, showing that they aren’t merely passing phenomena.

These coins, which are specifically built on the Solana network, have shown incredible durability and growth, giving them a unique edge in the meme coin ecosystem. Observers, meanwhile, have long seen Dogecoin, the world’s first meme coin, as a key indicator of the altcoin market rally.

Its price movements are often seen as a precursor to broader market trends, especially in the meme token domain, where DOGE usually leads the way.

Interestingly, Dogecoin's recent on-chain activities have drawn attention. According to CNF, on-chain activity for DOGE has surged, with transaction counts hitting a three-month high. This uptick in activity could be signaling a renewed interest in DOGE and the wider meme coin market.

Moreover, WIF has managed to maintain its strength even amidst the market downturn. Just a few days ago, as we reported earlier, WIF topped the list of top daily gainers, continuing a strong trend despite the ongoing market decline.

According to Coinglass data at the time, the Open Interest (OI) for WIF had surged by a remarkable 29.99%, hitting $304.05 million at that moment. This increase in OI suggests that traders are becoming increasingly interested in WIF, bolstering its status as a token to watch in the coming days.