Dogwifhat, the latest meme coin sensation on the Solana blockchain, briefly outperformed BONK, marking a significant milestone in the meme coin saga. This development unfolded on Wednesday, spotlighting Dogwifhat's (WIF) remarkable ascendancy in the cryptocurrency realm.
The main question now is whether WIF is set to fully flip BONK and take the reign of the meme coin land within the Solana ecosystem.
Dogwifhat's Journey to the Top
Dogwifhat's valuation surged past the $2 billion mark, momentarily surpassing BONK's market capitalization by a notable margin. Value wise, this translates into WIF being priced at $1.75 on Gate.io and other prominent crypto trading platforms. Although the competition was tight, with BONK narrowly reclaiming its position with a marginal lead of less than 3%, the moment was a testament to Dogwifhat's growing influence. Previously, BONK had maintained a dominant stance as Solana's premier meme coin, untouched by rivals in its valuation league.
Launching during the Thanksgiving festivities, Dogwifhat experienced an unprecedented rally, boasting a 227,000% increase shortly after its debut. This coin, inspired by the iconic image of a Shiba Inu donning a knitted hat, has since then continued on a trajectory of steady growth, culminating in a dramatic fivefold increase in value within just a week. This surge was bolstered by its inclusion on major cryptocurrency exchanges such as Robinhood Europe and Binance, further propelling its market presence.
BONK's Fluctuating Fortunes
In contrast, BONK's journey saw a steep decline following its December peak, with its value plummeting by over 80% in the subsequent weeks. However, a resurgence in the broader crypto market, spearheaded by Bitcoin's notable rally, reinvigorated interest in BONK and similar cryptocurrencies, pushing them to new heights.
The narrative of Dogwifhat surpassing BONK, albeit briefly, marks a significant chapter in the evolving story of meme coins within the Solana ecosystem. Dogwifhat's leap to over a $2 billion market capitalization is a remarkable achievement for a meme coin that was virtually unknown a few months ago.
This episode not only highlights the nature of the cryptocurrency market but also underscores the growing popularity and potential impact of meme coins in shaping the future of digital currency investment strategies.
Still a Fortune for Early Adopters
Skeptics often dismiss the unpredictable nature of meme coins, yet their ability to surge unexpectedly can momentarily silence doubters, despite the potential for sudden downturns. Recently, the meme coin BONK on the Solana network has defied expectations, soaring to unprecedented levels alongside the recovery of SOL after a challenging period. Holders of BONK, especially those fortunate to receive an airdrop last year, might find themselves in an enviable position.
In the past month, BONK's value has skyrocketed by 821%, according to CoinGecko data, continually reaching new peak prices and surpassing a market capitalization of $1 billion. Well, BONK is priced at $0.00002006, which is not much, but an average good holder of the token stacks millions of it. While individually the tokens may seem inconsequential in value, the accumulation of millions or even billions in a digital wallet signifies a considerable sum.
This windfall is something several Solana developers might be familiar with, assuming they chose to retain their tokens.
During the last holiday season, following BONK's introduction, Solana developers who engaged with the LamportDAO community and completed a specific form were rewarded with 25 billion BONK tokens. At the time of distribution, these tokens were valued at approximately $300, quickly doubling in value within the same day.
BONK emerged during a low point for the Solana ecosystem, coinciding with SOL's decline to about $8 from its November 2021 high of nearly $260. The broader crypto market was experiencing a downturn, with Solana particularly affected due to its association with the troubled exchange FTX.
However, the introduction of this dog-themed meme coin injected a positive energy back into the Solana community, with a wide range of network users, from DeFi traders and NFT collectors to creators on the platform, benefiting from the airdrop. Developers associated with LamportDAO received roughly 5% of the total BONK supply.
Following the airdrop, many developers expressed their gratitude, with some noting that the sale of their tokens helped cover crucial expenses during a severe market downturn, which had a pronounced impact on Solana compared to other leading blockchain networks.
As of the latest update, any developer who retained their 25 billion BONK tokens is now in possession of Solana tokens valued at over $500,000.
Mert Mumtaz, the co-founder and CEO of Helius and founder of LamportDAO, revealed that around 173 developers were beneficiaries of the airdrop last Christmas in equal amounts.
For those who chose to sell early, the recent price surge might come as a startling revelation, potentially representing a missed opportunity for significant financial gain—a sentiment often humorously referred to in the crypto community as missing out on «generational wealth.» Nonetheless, for a portion of the Solana developers, this unexpected boon may have provided a lifeline through a particularly harsh crypto winter, allowing them to continue contributing to the ecosystem.
