Memecoins created on the Solana SOL/USD blockchain withstood the overall market drop on Monday to post encouraging gains.
What happened: Dog-themed Bonk emerged as the best-performing billion-dollar capitalization meme coin in the last 24 hours and the third-best cryptocurrency overall, surging over 8%.
The token’s trading volume soared 92% to $486 million, indicating heightened demand.
Dogwifhat, the largest memecoin on Solana by market capitalization, jumped 4.6% to extend its weekly gains past 40%. In fact, both BONK and WIF were up more than 40% over the week.
Cryptocurrency
Gains +/-
Price (Recorded at 11:15 p.m. EDT)
Bonk BONK/USD
+8.06%
$0.00002485
dogwifhat (WIF)
+4.66%
$2.51
Popcat (POPCAT)
+1.08%
$1.01
Popcat, the cryptocurrency market’s biggest gainer this year, also traded in the green. The feline-themed coin was up a massive 12317% year-to-date.
Meanwhile, blue-chip meme currencies like Dogecoin DOGE/USD and Shiba Inu SHIB/USD retraced 3.90% and 1.68%, respectively. The total meme coin market valuation shrank nearly 5% in the last 24 hours.
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Why It Matters: The strong performance of Solana-based meme coins coincided with the broader market decline owing to an escalation in geopolitical tensions in the Middle East.
Bitcoin BTC/USD, the market bellwether, was down 1.36% in the last 24 hours, while Ethereum ETH/USD traded flat as of this writing. SOL, Solana’s native coin, lost 1.35% from yesterday.
Image via Shutterstock
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