Solana’s memecoin Dogwifhat (WIF) briefly flipped Bonk (BONK) as the network’s leading memecoin by market capitalization. Dogwifhat’s market cap, which exceeded $2 billion, surpassed BONK by several million dollars. However, BONK has since reclaimed the top spot, with a market cap of $1.88 billion compared to Dogwifhat’s $1.82 billion.
BONK was the leading Solana memecoin after a staggering rally in November last year, which saw it climb to a $1.5 billion valuation in over a month amidst a price surge in the Solana ecosystem. However, it experienced a significant crash in December, losing over 80% of its value within weeks.
Meanwhile, Dogwifhat, launched in late November as an homage to a popular Shiba Inu meme, experienced a phenomenal rise. This upward trajectory continued steadily until last week, when the coin witnessed an explosive fivefold price increase, jumping from $0.37 to $2.2 in a matter of days. This surge was partially attributed to the coin’s listing on major cryptocurrency exchanges like Robinhood Europe and Binance during that period.
However, both BONK and WIF have retraced some of its gains, reflecting a broader market pullback after recent bullish trends. Bonk is currently trading at $0.00002898, down almost 40% from its highs of $0.00004704, while WIF is currently trading at $1.82, down 18.7% from its all-time-highs of $2.23.
