Dogwifhat, Bonk prices slide as traders switch to new Solana memecoin
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The crypto market’s decline has hit meme coins like Dogwifhat and Bonk, down 7.8% and 5% respectively, while the new memecoin Dogeverse surges with over $12.8m raised in presale.
Over the past day, the crypto market’s decline aggravated Dogwifhat and BONK’s week-long downtrend, falling by nearly 7.8% and 5% in the last 24 hours, respectively.
However, while many meme coins struggle, the new multi-chain token Dogeverse is seeing bullish growth. After witnessing huge investor support, it raised over $12.8 million in presale in less than a month of launch.
Dogwifhat and BONK suffer losses amid market decline
Top meme coins suffered losses during the past day amid the decline in the broader market. The total meme coin market was worth around $47.2 billion after falling by around 9.5% in the last 24 hours.
Dogwifhat has been one of the top losers, falling by nearly 8% today. It is currently priced at nearly $2.4 but remains up 30% this month. After its initial uptrend, the meme token has been on a rather extended downtrend from its $3.1 resistance.
In fact, a popular crypto analyst, Nebraskangooner, Tweeted how WIF could see this extended downtrend to restest the support at $2.3 before rebounding to gain bullish momentum.
However, any decline below this support level can delay the near-term recovery prospects for the meme token.
On the other hand, CoinMarketCap’s recent Tweet showed how BONK started off the week by being one of the most trending cryptos on its list. However, an over 11% decline over the past two days showed how this popularity has waned, especially as most top meme coins suffer big losses.
BONK is currently trading near $0.00002295. It recently broke out of a classic descending channel pattern on its daily chart and entered a price discovery mode. This is why, even after falling nearly 5% over the past day, it remained up 52% over the past two weeks.
Despite its recent losses, BONK’s long-term uptrend has given traders confidence.
TradingView data showed that volumes over the past 24 hours only grew marginally. This means the decline over the past day was not backed with huge volumes, reigniting some hopes for a bullish reversal.
Nonetheless, Santiment data for BONK hinted at a declining social dominance for the meme token over the past week. The token could see an upside in the near future if it rebounds from its immediate support at $0.00002275 and some improvements in its social dominance.
Despite the recent decline, many traders are quite optimistic about meme tokens and expect more gains amid a bullish crypto market.
As a result, they are switching to early-stage meme tokens that still have a huge upside potential. One meme token that stood out was Dogeverse, which is currently in presale and is nearing the $13 million mark in its raise.
New memecoin Dogeverse set to surge after raising $13m
Dogeverse is a hot new meme token that’s inspired by the popularity of other dog-themed cryptos like Dogecoin. What makes Dogeverse special is that it can work on several different blockchains. These include Solana, Ethereum, Polygon, BNB, Avalanche, and Base.
The key idea behind Dogeverse is to remove the barriers that often separate crypto communities. It has a unique character called Cosmo. It is a dog born from a supernova who can ‘hyper-jump’ across different blockchains.
The meme token’s presale has been a massive hit, raising nearly $13 million in less than a month of its official launch. Investors can buy DOGEVERSE for $0.000304 at press time.
Dogeverse also offers a highly rewarding staking program to early buyers. DOGEVERSE buyers can stake their tokens even before the presale ends. At the time of writing, the platform offers an APY of over 85%. Nonetheless, this number will fall once more investors join its staking pool.
Per the Dogeverse whitepaper, the platform has set a supply limit of 200 billion DOGEVERSE tokens. It offers early investors 15% of these tokens at a discounted price in the current presale phase.
Interested buyers can enter the Dogeverse Telegram group and follow it on X (Twitter) for the latest updates.
To learn more, visit the Dogeverse presale.
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