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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Why Trust Cryptonews
Solana’s biggest doge-themed coin, DogWifHat ($WIF) has advanced 31% on its price last Friday as it trades at $2.35 a token as of this writing.
Its followed closely by Bonk ($BONK), another Solana meme coin, which rose 33% to trade at $0.00002407 at the time of writing.
However, over the course of the last 24 hours, Bonk greatly outpaced DogWifHat.
$WIF rose 6%, and was the only token among the seven largest meme coins by market cap to not post double-digit percentage gains. Bonk rose 16% overnight.
Moo Deng ($MOODENG), a less-than-three-week-old Solana meme coin based on a viral baby pygmy hippo in Thailand of the same name, is up an eye watering 1336% over the last seven days.
Meme coins on Solana collectively rose 17.6% overnight to reach a market cap of $8.99 billion, according to CoinGecko data.
This is broadly in line with today’s meme coin rally, which has added a staggering 22.1% to the now $57.6 billion meme coin market.
In stark contrast, the global crypto market is relatively unmoved, advancing just 1.3% overnight to hit $2.43 trillion.
As usual, market leader Bitcoin ($BTC) set the pace for serious blockchain tokens. Bitcoin added 1% in the last 24 hours and now trades at $66,153.
DogWifHat Price Analysis as WIF Breaks Out
DogWifHat may have posted some relatively conservative overnight gains, but the price chart signals a breakout above the $2 resistance level (red line) that formed after a crypto crash on August 5 bottomed $WIF’s price below $1.30, a low not seen since early March.
The token has strong support (green line) at $1.50 but the falling RSI at 64 indicates some selling is offsetting the buying now to stabilize the price going into the weekend.
Altogether, its clear that DogWifHat has benefited from a meme coin gold rush.
This speculative frenzy is linked to a more optimistic macro-economic outlook, with the US Federal Reserve reducing interest rates for the first time in two years, after hiking them to their highest level in twenty-two years last summer.
After Solana Meme Coins: Solana Casinos
$MOODENG and $DOGWIFHAT are flag bearers of a changing Web3. Solana has made significant inroads into the meme coin sector and now commands a sixth of it, but perhaps the other most exciting sector Solana is entering is GambleFi, which operates at the intersection of two emerging markets: Web3 and online casinos.
And the most exciting upcoming GambleFi project is Mega Dice ($DICE), a crypto casino token that has raked in over $1.9 million so far in its ongoing ICO.
Mega Dice launched last year as the world’s first licensed crypto casino accessible through the popular messaging app Telegram and has since attracted 50,000 players.
Others followed suit and launched iGaming bots on Telegram, most notably TG Casino.
Mega Dice’s new $DICE turbocharges the online casino’s services to a whole new level.
As the platform’s native utility token, players can use $DICE to fund games and receive payment, with some games requiring it.
$DICE is also integrated into the casino’s loyalty program, offering more generous rewards and exclusive competitions and experiences to users.
It’s the only GambleFi coin that distributes a share of profits to its users on a daily basis through its novel staking system.
Don’t miss out! Follow Mega Dice on X and Telegram.
Visit the Mega Dice website.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
