Floki, Dogwifhat, Bonk Post Double-Digit Gains: Dogecoin, Shiba Inu Also Shake Off Benzinga’s Broader Market Massacre

Benzinga – Memecoin proved to be the savior of a beleaguered cryptocurrency market on Monday, as dogwifthat, FlokiAND Good they defied the market’s largest sell-offs to emerge as the biggest gainers.

What happened: A moving rally witnessed Solana (CRYPTO:SOL) based on WIF and BONK, along with Ethereum (CRYPTO:ETH), based on FLOKI, pumps dramatically throughout the day, reversing a week-long corrective action.

WIF was the winner in the memecoin sector among tokens with a market capitalization above $1 billion. The coin, based on a popular meme of a Shiba Inu puppy wearing a pink cap, saw a 127% increase in trading volume to $682 million.

BONK also recorded double-digit upward movements, bringing its weekly gains to 6.67%. Its trading volume increased by 113% in the last 24 hours. Ethereum-based dog coin FLOKI also joined the memecoin rally with an 11% increase.

Meanwhile, blue chip coins are liked Dogemoneta AND Shiba Inu also trading in green as of this writing.

See also: Is Trump Discussing Attending Bitcoin 2024 Conference, Move to Bolster ‘Crypto President’ Image?

Because matter: The latest surge in memecoins comes amid market panic, worsened by the defunct cryptocurrency exchange’s redemption plans.

While coins were thought to have greater utility and long-term potential, retail traders took refuge in memecoins.

The debate over the popularity of memecoins rages in the cryptocurrency market. Popular trader and analyst Michael van de Poppe He recently expressed his disapproval of meme coins, criticizing their inherent risks, lack of volatility and celebrity-focused culture.

Read next: Senator Cynthia Lummis Applauds State Bitcoin Rights Laws: ‘Here’s Why Bitcoiners Should Be American Patriots’

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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