Overall, the cryptocurrency industry is struggling to gain momentum following the approval of the Bitcoin ETF. In this scenario, Arthur Hayes’s favorite meme coins, Bonk (BONK), and Dogwifhat (WIF), have shown some bullishness in recent days and have experienced a significant price surge.
Dogwifhat (WIF) coin is the next big thing, Arthur Hayes
Recently, Hayes stated in his blog post that if the price of Bitcoin goes below the $35,000 level, he will buy a Dogwifhat (WIF) coin. Additionally, he mentioned that the Dogwifhat (WIF) coin is the next big thing in the cryptocurrency industry, and he is currently not interested in other cryptocurrencies.
Following this blog post, WIF has continuously surged, and his previous holding, BONK, also experienced a significant price surge. Although, according to the blog post, he sold all of his BONK holdings at a loss. Now, Hayes is focusing more on WIF coins.
As of now, the price of WIF in the meme coins sector is trading near $0.35, and in the last 24 hours, it has experienced over 2.5% upside momentum. Over a longer period, in the last 30 days, WIF has experienced over 131% upside momentum, indicating potential interest and developments within the WIF project.
Additionally, the third-largest meme coin, BONK, is currently trading near $0.000011, and in the last 24 hours, it has experienced over 5% upside momentum. However, over the last 30 days, BONK has faced a 28% downside momentum, attributed to the ongoing outflow of GBTC (Grayscale Bitcoin Trust), which is affecting the overall cryptocurrency landscape.
WIF and BONK lead the meme coins
Apart from BONK and WIF, other top meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are still struggling to gain momentum. These coins have experienced only a fraction of the upside momentum, with all of them facing a price drop of more than 15% in the last 30 days.
Due to this, the overall trading volume of these meme coins has dropped by over 6% to $894 million. However, the market cap of meme coins has slightly increased by 0.5%, now standing at $19 billion, primarily due to the price surge in BONK and WIF coins.
