Franklin

Bonk

<ul>
 <li>BONK and WIF intensify market cap race amid an ongoing update on the potential Ether ETF approval.</li>
 <li>According to an analyst, WIF is completing a bullish cycle that could see the price hitting a double-digit while BONK also receives support from the trendline.&nbsp;</li>
</ul>
Recent reports that asset managers VanEck, 21Shares, Franklin Templeton, Grayscale, Fidelity, and BlackRock have submitted their updated S-1 documents triggered mini rallies among various memecoin.
According to our <a href="https://www.crypto-news-flash.com/marketcap/" target="_blank" rel="noopener noreferrer nofollow">data</a>, the meme ecosystem reacted with a 1.24% surge in the last 24 hours to drag its market cap to $40.6 billion. However, it has been all drama among individual tokens as Bonk (BONK) and Dogwifhat (WIF) battle for the fourth position within the meme category.
On July 11, <a href="https://www.crypto-news-flash.com/what-is-solana-and-how-does-it-work/" target="_blank" rel="noopener noreferrer nofollow">Solana</a>-based asset Bonk (BONK) launched a fierce move, spiking by 12% in just seven days to become the fourth largest meme coin, displacing Dogwifhat (WIF) to the fifth position. As we <a href="https://www.crypto-news-flash.com/bonk-token-surges-44-can-meme-coins-defy-gravity-with-proposed-burn/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, BONK’s market cap surged to $1.83 billion while WIF’s market cap stood at $1.69 billion after losing 16% of its value in just a week. Interestingly, this bullish momentum was short-lived as BONK lost its position after declining by 10% in the last 24 hours. Currently, BONK’s market cap has declined to $1.56 billion.&nbsp;

<div class="cryptoboxes" id="mcw-686934" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bonk1" data-symbol="BONK" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
WIF, on the other hand, has seized back the fourth position at press time after declining by only 4% in the last 24 hours to maintain its market cap at $1.57 billion.&nbsp;

<div class="cryptoboxes" id="mcw-686586" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="dogwifhat" data-symbol="WIF" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
<h3 id="why-bonk-failed-to-cement-its-position-ahead-of-wif">Why Bonk Failed to Cement its Position Ahead of WIF</h3>
According to our data, investors’ participation in BONK took a serious nosedive as trading volume fell drastically by over 45%. On top of that, bearish market sentiment and selling pressure in the broad market led to an unexpected fall in Open Interest by 14.3%. Meanwhile, WIF was not spared either as its trading volume declined by 38%. However, its Open Interest saw an upsurge of 4%, giving it an edge over BONK.&nbsp;
Technically, <a href="https://ambcrypto.com/examining-how-solana-based-bonk-flipped-wif-after-12-hike/" target="_blank" rel="noopener noreferrer nofollow">analysts</a> appear optimistic of a bounce back as BONK consistently relies on the support from the trendline to rise in value. Replicating a similar pattern, the meme coin ended up recording a 27% high in just three days. With a current price of $0.00002292, BONK is seeking to secure the resistance level at $0.000026 which also appears as the neckline of a bullish double-bottom price action pattern.
Drawing insight from historical data, a successful breakout above the $0.000028 price level could see BONK targeting the $0.000040 level.&nbsp;
Similarly, analysts are bullish on WIF as Bluntz Capital, a crypto trader who identified the June low tips the asset to reach a double digit. According to him, the recent 70% correction from its peak was a perfect playout in an expected three-wave process.&nbsp;
<blockquote>
 Starting to feel confident $wif bottom is now in. Not only did we get a nice 70% correction from peak to trough down to $1.46, but the structure played out in a long drawn out 3 waves exactly as I wanted to see as outlined in OP. We now also have an impulsive 5-wave rise from the lows, the first one in months. Likely a major bottom while 1.46 holds imo, am now fully allocated to WIF again.
</blockquote>
Also, CoinCodex predicts that WIF could hit $7 by July 1, coinciding with our earlier <a href="https://www.crypto-news-flash.com/trader-bullish-on-memecoin-wif-expects-further-surge-despite-3000-gains/" target="_blank" rel="noopener noreferrer nofollow">publication</a> that the asset is poised to enter the $3 mark in the short term.&nbsp;

Solana’s BONK Overtakes WIF After 12% Surge: Market Cap Battle Unfolds

目次

Crypto News Flash

2024年7月12日公開の他の記事

Most Successful Crypto Startups for July 2024

Binance introduces ‘crypto loan’ feature: Will this help BNB hit $600?

ETF Negotiations Started for a Surprise Altcoin After Solana (SOL)!

Ambitious Bitcoin (BTC) Statements from the US Senator!

Hamster Kombat Creators Shed Light on Game’s Origins and Second Airdrop

Bitwise CIO Predicts Explosive Growth for Bitcoin ETFs in 2025

ニュースレターを購読して暗号資産の最新情報を毎日入手！