Skyrocketing Meme Coins, BONK And WIF Record Fantastic Price Increase

Bonk and other meme tokens jumped significantly. (Photo; Doc. BlockTempo)

JAKARTA - Meme-based crypto assets or coin memes have returned to the spotlight after two projects, BONK and WIF, recorded a fantastic price increase in recent days. Both projects managed to attract market attention and open up opportunities for other coin memes to keep up with their tracks.

BONK has risen by 40% since its recent low, breaking the long-term consolidation pattern. Meanwhile, Dogwifhat (WIF) has also experienced the same momentum as soaring 70% in the last four days.

BONK and WIF are newcomers to the coin meme list after surging to the highest market cap value of $1.5 billion and $330 million in December 2023, securing their positions alongside Dogecoin (DOGE) and Shiba Inu (SHIB).

Since peaking, these two crypto assets have experienced a downward trend after trading inside a declining triangular consolidation pattern, with support set up at $0.00001 for BONK and $0.17 for WIF.

The spike in prices in the last four days allowed BONK and WIF to penetrate this consolidation, starting a reversal trend. Going forward, the first resistance lies at $0.000015 (Rp 234) for BONK and US $ 0.4 (Rp 6,252) for WIF. This was followed by resistance at $0.000017 (Rp 265) and 0.00002 US dollars (Rp 312) for BONK, as well as $ 0.45 (Rp 7,034) and US $ 0.5 (Rp 7,815) for WIF.

Other Coin Memes Ready To Compete

Although BONK and WIF must be interesting case studies in the coin meme room, there are other competitors who are able to provide much greater advantages that compete for the attention of traders.

The competitor is the Smog Token (SMOG), a project that created a major buzz in the crypto market after becoming multi-chain in just four days. SMOG launched fairly on Jupiter, a platform that allows users to create and launch their own tokens, on February 7.

This crypto asset brings unique airdrop utility to the coin meme space that allows users to buy and store SMOG points for airdrops to qualify for historical airdrops. Historical airdrops are airdrops based on snapshots of certain blockchains at certain times in the past.

SMOG has successfully integrated itself with Solana (SOL) and Ethereum (ETH), the two second and third largest blockchains in the world, in a short time. This shows the flexibility and adaptability of this project in following the development of the crypto market.

SMOG also has the opportunity to become a sustainable and environmentally friendly coin meme, because it uses a energy-efficient proof-of-stake (PoS) mechanism, in contrast to other coin memes that use energy-efficient proof-of-work (PoW).