In the last 24 hours, two memcoins built on the Solana platform, Bonk (BONK) and Dogwifhat (WIF), have experienced significant growth. BONK experienced a surge of 35%, while WIF saw an uptick of 19%. As a result, they currently rank among the top three coins with the largest market capitalizations that have shown impressive gains today. However, Hedera Hashgraph (HBAR) outpaced them, boasting a remarkable 44% increase during this timeframe.
Resolution Of Solana’s Congestion Issues Spurs Memecoins
The noticeable surge in Solana memecoins is strongly connected to recent advancements in the Solana network’s efficiency. Today, SolanaFloor posted on Twitter, “BIG NEWS: Solana’s traffic jams have been eliminated, and normal block production has resumed. Transactions are now processing in under 2 seconds.” This update signifies a turning point for the network that had long grappled with congestion problems.
Source A: Source B:
— SolanaFloor | Powered by Step Finance (@SolanaFloor) April 24, 2024
On April 15, Solana developers released important improvements to address existing issues and asked validators to switch to version v1.17.31. This update brings modifications in how validators are handled based on their stakes. More advancements are expected with the upcoming launch of version v1.18 in a month, featuring a new scheduler, although it will be turned off by default initially.
Andrew Kang, the founder of Mechanism Capital, predicted a few days prior to the solution being implemented that “the ongoing Solana network issues have greatly impacted SOL and memecoins linked to it. It’s not a matter of if, but when these problems are addressed thoroughly. This will serve as a solid foundation.” Kang’s statements hold true today as the improvements in the Solana network have indeed acted as a strong base for the surge in memecoin valuations.
Specifics On Rally Of Dogwifhat (WIF) And BONK
On April 24, WIF experienced a peak price of $3.43 within a day, driven by a substantial 96% surge in trading activity. This surge was instigated by significant purchases from prominent investors like Ansem, who seized the optimistic market mood.
After a week of back-and-forth price action between $1.97 and $3.18, the price surged above the resistance level at $3.18, signaling a notable development. This occurred as part of a two-week ascending triangle formation on the chart, an optimistic pattern indicative of continued uptrend progression following the initial upward trend. The breakout gained significant attention in crypto circles, with Bluntz Capital adding credibility to the pattern’s resolution and fueling further bullish enthusiasm.
2 week long ascending triangle forming here on $WIF, i think the breakout is imminent
— Bluntz (@Bluntz_Capital) April 24, 2024
BONK is experiencing a significant surge, with trading volume jumping by an impressive 304%. The price has broken through the 0.236 Fibonacci resistance level at $0.000020727, indicating robust buying activity and bullish sentiment, pushing the price further up towards the 0.5 Fibonacci level.
The announcement on April 22 that BONK was added to Revolut’s global neobank trading platform, which has more than 150 digital currencies, likely drew extra backing for this rally. Being made available on this widely-used platform increased BONK’s visibility and credibility, leading to heightened investor attention and market buzz.
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2024-04-24 14:46