Dogwifhat On Fire With 125% Gains After ByBit Listing: 'WIF Is The Next BONK' Says Analyst

Dogwifhat (CRYPTO: WIF) rocketed 124.5% higher on news of ByBit, a cryptocurrency exchange, listing the token. What Happened: ByBit announced that it would list the WIFUSDT Perpetual Contract with up to 25x leverage for trading.

Timeline of Bonk1, Dogwifhat

Bitcoin (CRYPTO: BTC) moved higher, with the cryptocurrency prices trading above the key $45,000 level on Tuesday. Ethereum (CRYPTO: ETH) also moved higher, trading above the key $2,200 mark this morning.

In recent weeks, memecoins on the Solana blockchain were witnessing a significant surge in value, achieving new all-time highs amid listings on various exchanges and a growing purchasing interest. Nevertheless, this trend has largely faded.

The Solana (CRYPTO: SOL) based meme cryptocurrency, Bonk (CRYPTO: BONK), has experienced a resurgence, climbing 30% over the past 24 hours after a decline that followed its year-end rally. What Happened: In the last 24 hours, BONK surpassed the performance of other meme coins such as Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe Coin (CRYPTO: PEPE), which recorded gains ranging from 5% to 11%.

While these coins have experienced volatility in the past, their future growth remains uncertain. It's essential for investors to stay informed about market trends, news, and any developments related to these cryptocurrencies.

The crypto industry had started the year positively by adding significant value to its valuation. However, the market has experienced a short selling which has resulted in top cryptocurrencies recording correction in their respective portfolio. Further, the BONK price has lost over 10% in the past day, indicating a bear power in the market.

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices trading below the key $43,000 level on Wednesday. Ethereum (CRYPTO: ETH) also recorded losses, trading below the key $2,300 mark this morning.

In the ever-changing landscape of cryptocurrency, the meme coin phenomenon has been a captivating spectacle, especially within the Solana network. One such coin, BONK, recently faced a significant downturn, experiencing a 41% decline over the past two weeks, coupled with a 20.8% drop in the last week alone.

The crypto market, known for its volatility, is perfectly exemplified by the recent fluctuations of popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and the emerging BONK. These digital currencies, reflective of broader market sentiments and investor behaviors, mirror the current state of the cryptocurrency industry and hint at its unpredictable nature.

While the meme coin phenomenon bonk (BONK) captivated users on the Solana network, the cryptocurrency recently witnessed a 41% decline over the preceding fortnight, accompanied by a 20.8% descent in the past week. Following its mid-December peak to an all-time high (ATH), BONK has plummeted 57% from its ATH.

Most cryptocurrencies have had a bright 2023, accumulating massive gains during a sentiment pivot from 2022's bear market. Greed indexes returned to 2021's bullish levels, allowing investors to realize yearly profits.