WIF and BONK post gains amid wider market drawdown
|- WIF is up more than 7% as Solana bulls appear to have returned to the meme coin.
- BONK joined WIF in defiling the bearish trend, posting a 2% gain in the past 24 hours.
- Meme coins may suffer major hits if the crypto market's bearish pressure persists.
Solana meme coins dogwifhat (WIF) and BONK surprisingly stood out as outliers on Friday, posting gains of 7% and 2% despite the bloodbath across tokens in the meme coin sector.
WIF and BONK defile bearish trend
In the early hours of Friday, WIF declined alongside other meme coins, continuing a downward move that began on Wednesday. However, the top Solana meme coin quickly flipped the trend, rising about 14% in the past few hours.
WIF bulls are becoming active again after staying mute for nearly two months. From mid-April into June, WIF sustained steady declines that erased earlier gains from the Solana meme coin frenzy in March. As a result, WIF lost its place as the third largest meme coin to Ethereum-based PEPE, which broke into the top 30 cryptocurrencies by market capitalization.
The bearish outlook looked set to change for WIF as bulls returned to buy the dip after its price reached a three-month low of $1.58 on June 24. The buying pressure saw WIF rise about 43% within one week before seeing a correction due to wider market bearish sentiment.
WIF is currently up more than 7% in the past 24 hours.
After seeing a sharp decline earlier on Friday, BONK has also seen nearly a 3% gain in the past 24 hours. The second biggest Solana meme coin bounced back from a 15% decline with an 18% jump within a few hours, putting its daily gain at 3%.
Solana's slight 1% increase may have been a factor in helping WIF and BONK outperform the market, considering they are the two largest Solana meme coins.
Meanwhile, other top meme coins like Dogecoin (DOGE), Shiba Inu (SHIBA) and PEPE have failed to break out from the wider bearish pressure across the market.
The general crypto market is still struggling to recover from the impact of Mt. Gox's BTC repayment program going live. With Bitcoin (BTC) and Ethereum (ETH) dropping by 2.3% and 4.6%, respectively, nearly $570 million has been wiped off the entire crypto market in the past 24 hours. Due to their high volatility and low cap, meme coins may suffer the most if the market downturn persists.
The crypto market is down by 3.4%, and the meme coin category has shed 10.6% of its market capitalization.
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