If Bonk Is The Dogecoin Of This Cycle, Is WIF The Next Shiba Inu?
The performances of Dogecoin and Shiba Inu in the last bull cycle have led to the hunt for their replacements in this cycle, and the likes of BONK and WIF continue to make a play for the positions. BONK rallied more than 1,000% in 2023 to reach a market cap of over $1 billion, reminiscent of Dogecoin’s 2020 rally. As BONK swims to the fore as a possible replacement for DOGE, another Solana-based meme coin, dogwifhat (WIF) is putting on a performance that could qualify it as the next Shiba Inu.
WIF Scores Robinhood Listing
WIF seems to be following the same path as Shiba Inu, although on a more accelerated timeline. WIF, which had lagged for a few weeks after its launch on the Solana blockchain, began a monster run that took its market cap from just a couple of hundred thousand dollars to over $1 billion at the time of this writing.
The WIF community continues to push the meme coin in a similar fashion to SHIB, hammering on the ‘dog wearing a hat’ meme. This has pushed its price further as support climbs, and the most recent development has given the meme coin even more clout in the space.
Robinhood, a trading platform infamous for listing meme coins Dogecoin and Shiba Inu, recently announced that it is listing the WIF token. The announcement triggered a price surge that sent WIF to new all-time highs after crossing the $1 mark.
Price trending at $0.94 | Source: WIFUSD on Tradingview.com
BONK Gunning For Dogeocin
The BONK meme coin has grown from obscurity to becoming one of the largest meme coins in the space. After rising more than 100% in the last week, its market cap has successfully crossed $1.5 billion, making it the third-largest meme coin in the crypto market ahead of PEPE.
As BONK’s popularity continues to grow, expectations for a Dogecoin-like run are mounting. Its price is already up more than 1,000% in the last year, and this is with the bull not being in full swing. Given that Dogecoin’s market cap went to $80 billion at the top in 2021, BONK, going on a similar run, could see its market cap hit $50 billion, which would be a more than 30x increase from here.
Another meme coin that has been doing well so far is PEPE, which is also up over 100% in one week. FLOKI is seeing gains of 78.1% in the last week, while MAGA, the meme coin modeled after US presidential candidate Donald Trump, is up 86.6% to cross $300 million market cap.
Featured image from CoinMarketCap, chart from Tradingview.com
