What Factors Contributed to the 15% Surge of Solana’s Top Meme Coin?
In the past few days, the cryptocurrency market has witnessed considerable volatility. Despite starting to recover on April 18, most of the leading digital assets experienced a significant plunge following reports of a missile and drone attack in Iran by Israel. Bitcoin (BTC) was among the worst hit, with its value dropping below $60,000 for the first time in nearly two months.
WIF Stands Among the Best Performers
However, the market rebounded remarkably, and on April 19, most cryptocurrencies were in the green zone. One of the best performers of the day was the meme coin, Dogwifhat (WIF), built on the Solana blockchain. It rose by about 15% in a 24-hour timeframe.
Read Also: Solana Eyes Post-Patch Rebound, Meme Coins and Investor Optimism Fuel Speculation
Coinbase’s decision to add WIF perpetual contracts on Coinbase International Exchange and Coinbase Advanced seems to have driven this impressive rally. The company clarified that the opening of WIF-PERP would commence on or after 9:30 am UTC on April 25, 2024.
The resurgence of the meme coin coincided with a Solana price jump as well. SOL saw an 11% daily increase, surpassing the gains recorded by Bitcoin (BTC) and Ethereum (ETH).
Overview of Meme Coin Revival
Furthermore, other tokens of the meme coin class also witnessed a significant price surge. Leaders in terms of market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), were up 6% and 5%, respectively. Cat in a Dogs World (MEW) surged by 17%, while Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK) were among the notable gainers.
Read Also: XRP Weathers Market Storm, Analyst Maintains Bullish Outlook
Despite this surge in meme coins, traders must exercise caution when entering the ecosystem. The meme coin sector is infamous for its volatility and the high risks of significant losses. Therefore, traders are advised to watch our dedicated video to avoid some common mistakes related to the matter and secure themselves.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
