- WIF is up more than 7% as Solana bulls appear to have returned to the meme coin.
- BONK joined WIF in defiling the bearish trend, posting a 2% gain in the past 24 hours.
- Meme coins may suffer major hits if the crypto market's bearish pressure persists.
Solana meme coins dogwifhat (WIF) and BONK surprisingly stood out as outliers on Friday, posting gains of 7% and 2% despite the bloodbath across tokens in the meme coin sector.
WIF and BONK defile bearish trend
In the early hours of Friday, WIF declined alongside other meme coins, continuing a downward move that began on Wednesday. However, the top Solana meme coin quickly flipped the trend, rising about 14% in the past few hours.
WIF bulls are becoming active again after staying mute for nearly two months. From mid-April into June, WIF sustained steady declines that erased earlier gains from the Solana meme coin frenzy in March. As a result, WIF lost its place as the third largest meme coin to Ethereum-based PEPE, which broke into the top 30 cryptocurrencies by market capitalization.
The bearish outlook looked set to change for WIF as bulls returned to buy the dip after its price reached a three-month low of $1.58 on June 24. The buying pressure saw WIF rise about 43% within one week before seeing a correction due to wider market bearish sentiment.
WIF is currently up more than 7% in the past 24 hours.
After seeing a sharp decline earlier on Friday, BONK has also seen nearly a 3% gain in the past 24 hours. The second biggest Solana meme coin bounced back from a 15% decline with an 18% jump within a few hours, putting its daily gain at 3%.
Solana's slight 1% increase may have been a factor in helping WIF and BONK outperform the market, considering they are the two largest Solana meme coins.
Meanwhile, other top meme coins like Dogecoin (DOGE), Shiba Inu (SHIBA) and PEPE have failed to break out from the wider bearish pressure across the market.
The general crypto market is still struggling to recover from the impact of Mt. Gox's BTC repayment program going live. With Bitcoin (BTC) and Ethereum (ETH) dropping by 2.3% and 4.6%, respectively, nearly $570 million has been wiped off the entire crypto market in the past 24 hours. Due to their high volatility and low cap, meme coins may suffer the most if the market downturn persists.
The crypto market is down by 3.4%, and the meme coin category has shed 10.6% of its market capitalization.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Donald Trump backed World Liberty Financial triples Ethereum holdings ahead White House Crypto Summit
Donald Trump’s World Liberty Financial increased its Ethereum holdings nearly threefold on Thursday, buying the recent ETH price dip. Ethereum hovers around $2,200, up nearly 1.5% on Thursday.
White House Crypto Summit: What investors should know
The upcoming first-ever White House Crypto Summit will be held on Friday. The event will unite key industry leaders to explore how regulation and innovation can shape the cryptocurrency market's future.
Bitcoin recovers above $92,000 ahead of first-ever White House Crypto summit
Bitcoin extends recovery and trades above $92,000 on Thursday after rallying 5% in the last two days. A Glassnode report highlights that Bitcoin’s market reaction hinges on the $92,000, a key level for momentum, while $71,000 serves as critical support if BTC declines.
Chainlink bulls target a 30% upside as key support holds strong
Chainlink extends its gains by more than 4% on Thursday, trading around $17.22 after rallying nearly 13% in the last two days. On-chain data suggest a rally ahead as LINK's long-to-short ratio reaches its highest monthly level and its funding rates are positive.
Bitcoin: BTC bloodbath continues, near 30% down from its ATH
Bitcoin (BTC) price extends its decline and trades below $80,000 at the time of writing on Friday, falling over 15% so far this week. This price correction wiped $660 billion of market capitalization from the overall crypto market and saw $3.68 billion in total liquidations this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.