New Solana Meme Coin Upstart Surpasses Floki

A new Solana-based meme coin, dubbed Dogwifhat (WIF), has edged out its Ethereum-based counterpart Floki (FLOKI) in market capitalization, according to CoinGecko data. The meme coin is now worth a cool $310 million, threatening to challenge the likes of Pepe (PEPE).

Performance of top meme coins

The past 24 hours have seen a mixed bag of performances. Leading the pack, Dogecoin (DOGE) experienced a modest gain of 1.7%, with Shiba Inu (SHIB) not far behind, posting a 1.4% increase. Bonk (BONK) led with a more substantial rise of 8.1%, despite a slight hourly dip, continuing its notable 34.1% climb over the last week.

Pepe (PEPE) saw a minor uptick of 0.6%, while CorgiAI (CORGIAI) trailed with a slight decline of 0.8%. The standout performer, Dogwifhat (WIF), surged by an impressive 45.4%, further stoking the speculative fire that has seen its value skyrocket by 222.0% in the past week.

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Floki (FLOKI), in contrast, had a more subdued 24 hours with a 1.5% increase, while Memecoin (MEME) jumped by 15.7%, showcasing robust weekly growth. Baby Doge Coin (BABYDOGE), however, dipped by 0.5%.

BONK has faded, but what comes next?

After the BONK-driven Solana rally concluded, the meme coin market saw a significant downturn, with prices dropping by as much as 80% from their peak.

Yet, despite this pullback, there's chatter about other Solana-based meme coins potentially reigniting interest in the network.

As noted above, BONK itself has seen a modest 8% uptick in the last 24 hours, the broader decline has not deterred the Solana ecosystem's growth.

However, other meme coins may yet catalyze another rally as investors continue to seek out the next breakout star.