Floki, Dogwifhat, Bonk Record Double-Digit Gains — Dogecoin, Shiba Inu Also Shrug Off Broader Market Bloodbath – Emeren Group (NYSE:SOL)

Memecoins turned out to be the saviors of a besieged cryptocurrency market Monday, as dogwifhat, Floki, and Bonk defied the broader market sell-offs to emerge as the largest gainers. 

What Occurred: A searing rally noticed Solana SOL/USD-based WIF and BONK, together with Ethereum ETH/USD-based FLOKI, pump dramatically in the course of the day, reversing the week-long corrective motion. 

WIF was the gainer within the memecoin sector amongst tokens with a market cap exceeding $1 billion. The coin, based mostly on a preferred meme of a Shiba Inu pet sporting a pink beanie, witnessed a 127% spike in buying and selling quantity to $682 million.

BONK notched up double-digit upward strikes as nicely, taking its weekly good points to six.67%. Its buying and selling quantity jumped 113% within the final 24 hours. Ethereum-based canine coin FLOKI additionally joined the memecoin rally with an 11% uptick. 

In the meantime, blue-chip cash like Dogecoin and Shiba Inu additionally traded within the inexperienced as of this writing.

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Why It Issues: The newest surge in memecoins comes amid panicky market sentiment, worsened by the defunct cryptocurrency change’s reimbursement plans.

Whereas cash thought to have larger utility and long-side potential cracked, retail merchants took refuge in memecoins.

Debate round memecoins’ recognition rages on within the cryptocurrency market. Common dealer and analyst Michaël van de Poppe recently expressed his disapproval of meme cash, criticizing their inherent dangers, lack of volatility, and celebrity-oriented tradition. 

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