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- BONK and WIF intensify market cap race amid an ongoing update on the potential Ether ETF approval.
- According to an analyst, WIF is completing a bullish cycle that could see the price hitting a double-digit while BONK also receives support from the trendline.
Recent reports that asset managers VanEck, 21Shares, Franklin Templeton, Grayscale, Fidelity, and BlackRock have submitted their updated S-1 documents triggered mini rallies among various memecoin.
According to our data, the meme ecosystem reacted with a 1.24% surge in the last 24 hours to drag its market cap to $40.6 billion. However, it has been all drama among individual tokens as Bonk (BONK) and Dogwifhat (WIF) battle for the fourth position within the meme category.
On July 11, Solana-based asset Bonk (BONK) launched a fierce move, spiking by 12% in just seven days to become the fourth largest meme coin, displacing Dogwifhat (WIF) to the fifth position. As we reported, BONK’s market cap surged to $1.83 billion while WIF’s market cap stood at $1.69 billion after losing 16% of its value in just a week. Interestingly, this bullish momentum was short-lived as BONK lost its position after declining by 10% in the last 24 hours. Currently, BONK’s market cap has declined to $1.56 billion.
WIF, on the other hand, has seized back the fourth position at press time after declining by only 4% in the last 24 hours to maintain its market cap at $1.57 billion.
Why Bonk Failed to Cement its Position Ahead of WIF
According to our data, investors’ participation in BONK took a serious nosedive as trading volume fell drastically by over 45%. On top of that, bearish market sentiment and selling pressure in the broad market led to an unexpected fall in Open Interest by 14.3%. Meanwhile, WIF was not spared either as its trading volume declined by 38%. However, its Open Interest saw an upsurge of 4%, giving it an edge over BONK.
Technically, analysts appear optimistic of a bounce back as BONK consistently relies on the support from the trendline to rise in value. Replicating a similar pattern, the meme coin ended up recording a 27% high in just three days. With a current price of $0.00002292, BONK is seeking to secure the resistance level at $0.000026 which also appears as the neckline of a bullish double-bottom price action pattern.
Drawing insight from historical data, a successful breakout above the $0.000028 price level could see BONK targeting the $0.000040 level.
Similarly, analysts are bullish on WIF as Bluntz Capital, a crypto trader who identified the June low tips the asset to reach a double digit. According to him, the recent 70% correction from its peak was a perfect playout in an expected three-wave process.
Starting to feel confident $wif bottom is now in. Not only did we get a nice 70% correction from peak to trough down to $1.46, but the structure played out in a long drawn out 3 waves exactly as I wanted to see as outlined in OP. We now also have an impulsive 5-wave rise from the lows, the first one in months. Likely a major bottom while 1.46 holds imo, am now fully allocated to WIF again.
Also, CoinCodex predicts that WIF could hit $7 by July 1, coinciding with our earlier publication that the asset is poised to enter the $3 mark in the short term.
