Solana Memecoins BONK and WIF Decline 5% and 15%
Solana based memecoins BONK and Dogwifhat have seen sizable decline in their value today. This happened despite the recent news that Revolut will list BONK
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Top Solana memecoins BONK and Dogwifhat have seen their value drop today despite the news that BONK might soon be listing on Revolut exchange.
According to CoinMarketCap data, BONK has fallen 5% in the last 24 hours. WIF has had a difficult time, with the memecoin dropping 15% within the same period.
The reason for this drop in value is uncertain. But it could have something to do with the general trend today. Large-cap digital assets such as Bitcoin, Ethereum, and Solana have declined over the same period. SOL, particularly, has dropped almost 4% over that time.
Meanwhile, Dogwifhat has tanked 15% today. The memecoin started the day at $0.43 but now trades at $0.35. The steep decline represents a price correction as it comes on the back of an over 60% rise in WIF value.
Revolut To List BONK
BONK is the biggest memecoin on Solana, with a market cap of $832 million. The digital asset enjoyed a positive performance in 2023, finishing as the best-performing cryptocurrency with over 7000% gain.
However, this year has been largely tough for BONK, and its performance year-to-date now stands at a negative 12%. Despite the drop, the memecoin still has many fans. It is set to be listed by UK-based fintech firm Revolut.
Revolut's decision to list BONK is a surprise, given that it is a memecoin. But it is also a sign of the shift in the perception of memecoins.
More projects and companies have started taking meme coins seriously, given the role they can play in a Web3 ecosystem. BONK, in particular, played a crucial role in the resurgence of DeFi's ecosystem on Solana network.
Last year, Avalanche Foundation announced it would start buying meme coins. Binance Labs also invested in the MEME token.
Meanwhile, BONK is not the first memecoin that Revolut would list. The platform has also listed Ethereum-based meme coins DOGE and Shiba Inu. The listing of BONK represents that it has joined the elite class of OG meme tokens.
Besides listing, Revolut is also launching a $1.2 million educational program for its users to learn more about the memecoin.
Memecoins Still Driving Volume on Solana
Despite the drop in the value of its top two memecoins, the ecosystem remains vibrant on Solana. Over the last 24 hours, the network has seen over $200 million in volume from 780k transactions, according to Dexscreener.
Most of this volume comes from memecoins. Tokens such as CBDC, WEN, Stank Memes, GameStop, ChatGPT, and WIF have seen over $3 million each in trading volume.
However, most of the memecoins have not enjoyed gains today. Only GameStop with 98%, Stank Memes with a 3000% increase, and ChatGPT with 10,000% gains are up in the last 24 hours.
