Exciting Gains for Solana Memecoins: Bonk and Dogwifhat Surge!
Two Solana-based memecoins, Bonk (BONK) and Dogwifhat (WIF), have experienced significant growth in the past 24 hours. BONK saw a rise of 35%, while WIF climbed by 19%, placing them among the top gainers in the top 100 cryptocurrencies by market cap. Only Hedera Hashgraph (HBAR) surpassed them with a notable 44% increase during the same period.
Solution to Solanaโs Congestion Problems Boosts Memecoins
The recent surge in these Solana memecoins can be attributed to the recent enhancements in the Solana networkโs performance. A tweet from SolanaFloor earlier confirmed the resolution of Solanaโs congestion issues, with block production returning to normal and transactions being confirmed in under 2 seconds. This development marks a significant milestone for the network, which had been grappling with congestion problems.
- Improvements in the Solana networkโs performance play a crucial role in the surge of Bonk and Dogwifhat memecoins.
- A tweet from SolanaFloor highlighted the resolution of congestion issues and the return to normal block production.
- Enhancements introduced by Solana developers have alleviated network congestion issues.
On April 15, Solana developers rolled out essential updates aimed at addressing these challenges, encouraging validators to adopt version v1.17.31. This version brings changes in validatorsโ treatment based on their stakes. Further improvements are expected with the release of version v1.18 next month, including a new scheduler, albeit disabled by default.
- Developers introduced crucial updates to resolve Solanaโs congestion issues and improve network performance.
- The release of version v1.17.31 urged validators to adopt the latest improvements in the Solana network.
- Anticipation surrounds the release of version v1.18 next month, introducing additional enhancements to the network.
Prior to the fix, Andrew Kang, Mechanism Capitalโs founder, had underlined the impact of Solanaโs congestion issues on both SOL and Solana-based memecoins. Kangโs remarks indicated that significant improvements in the network were imminent, acting as a catalyst for memecoin valuations.
Insights into the Surge of Dogwifhat (WIF) and Bonk
WIFโs price surged to a 24-hour high of $3.43 on April 24, driven by a remarkable 96% spike in trading volume. This surge was influenced by significant acquisitions from whales like Ansem, capitalizing on the positive market sentiments. The breakout above the resistance level at $3.18 after a week of sideways trading between $1.97 and $3.18 served as a critical trigger for WIFโs rally. The formation of a two-week ascending triangle signaled a bullish continuation trend, attracting attention from traders and sparking bullish sentiment.
- WIF recorded a notable price increase, reaching a 24-hour high of $3.43.
- A surge in trading volume and acquisitions by whales contributed to WIFโs price rally.
- The breakout above the resistance level at $3.18 triggered further bullish sentiment for WIF.
BONK has witnessed a significant 35% surge, accompanied by a staggering 304% increase in trading volume. The price action successfully breached the 0.236 Fibonacci retracement level at $0.000020727 and continued its upward trajectory towards the 0.5 Fibonacci level, indicating strong buying interest and bullish momentum. Additionally, the recent listing of BONK by global neobank Revolut on April 22 provided a boost to the rally. This move expanded BONKโs exposure and legitimacy, further driving investor interest and market activity surrounding the memecoin.
- BONK experienced a remarkable 35% surge, supported by a substantial increase in trading volume.
- The breach of key Fibonacci levels signaled strong buying interest and bullish momentum for BONK.
- Listing on Revolutโs trading platform enhanced BONKโs exposure and credibility, fueling market activity.
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