DogWifHat, one of the most popular meme coins on the Solana Ecosystem has been dominating other meme coins, with its market capitalization currently reaching $4 Billion.
Although its market capitalization is more than double most of the other meme coins, its dominance could be overthrown because its transaction volume has been decreasing.
WIF and BOME Going Head to Head
The number one contender for WIF is currently BOME which is the token of the Book of Meme Project that previously dominated the meme coin space.
Solana Meme Coins Rank by 24 Hours Volume / Source: Coingecko
Looking at its transaction volume, currently, it is ranked first above WIF and MEW in the top three spots.
BOME's daily transaction volume has been increasing in the last couple of days, beating WIF’s daily transaction volume by almost 50%.
The rise of BOME's popularity started to happen again because it relies heavily on future traders, where the transaction volume of BOME's future contract is currently still higher than WIF’s.
Looking at the weekly price gain, WIF is also currently standing below BOME with its weekly price gain of 25.7% just below BOME's 38%.
However, when talking about the weekly price gain, the number one spot is still held by MEW due to its price gain of around 493% in just one week.
MEW became popular after a trader turned $35,000 into 44 Million in just five days by only trading the token.
This proves that WIF could be beaten soon as the token is lacking the hype it needs to push its price and transaction volume up.
Still Leading in Market Capitalization
Looking into the market capitalization ranking, it can be seen that WIF is still leading with more than $4 Billion in market capitalization.
Solana Meme Coins Rank by Market Capitalization / Source: Coingecko
This is a huge accomplishment because no Solana meme coins or tokens have been able to reach this high of market capitalization.
The previous highest market capitalization was held by BONK which was the first new-generation meme coin that existed on the Solana Blockchain.
It currently trails behind WIF in terms of market capitalization, which gives a gap between WIF and its current number-one contender, which is BOME.
Arguably, WIF needs another news or positive sentiment to push its transaction volume and price gain upwards, securing its dominance in the Solana meme coin sector.
BOME is a huge contender as the previous data shows how fast it could increase its market capitalization and its dominance in the Solana Blockchain.
If somehow there was new news that created new hype for BOME it might be the end of WIF’s dominance on Solana.
Looking into WIF’s community, currently, there are no scheduled plans to create a new hype for WIF. But, seeing as WIF’s market capitalization is four times more than BOME's it might take awhile for WIF’s dominance to disappear from the market.
Read Also:
Bitrue Official Website:
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.