FLOKI, WIF, BONK top gainers as meme coins take over markets

The meme coin sector is gaining traction again in the crypto markets because of its performance and remarkable growth.

The top gainer for today, rising 21%, is Floki (FLOKI), which currently sits at $0.0002813. The price surge for FLOKI followed the breakout of a horizontal level at the $0.00023 mark. Also, after breaking out from the $0.00023 level, FLOKI broke through a key resistance level at $0.00025. Now, FLOKI is heading toward its all-time high of $0.0003, according to CoinMarketCap.

The price rise is due to Floki developers launching a Telegram-based trading bot for FLOKI holders on the BNB Chain network. The bot is anticipated to boost demand for FLOKI tokens and contribute to buying pressure. The bot will be charged a 1% transaction fee, half of which will be used to buy FLOKI on the open market.

The price pump for FLOKI could also have come from other factors like Coinbase adding the token to its perpetual futures list, and the SEC’s approval of Ethereum ETFs. Since Floki operates on the Ethereum (ETH) network, it would make sense for tokens built on the blockchain, like FLOKI, PEPE, and SHIB, to benefit from the SEC’s actions.

Upon writing this piece, dogwifhat (WIF) rose 23.25% and broke through its resistance level of $3.25. It is currently sitting at $3.33, pushing the market capitalization to approximately $3.35 billion, making it the 35th largest crypto by market cap, according to the data from CoinMarketCap.

WIF hangs near the make-or-break zone around $3, mimicking volatility in the last sessions. For the past few weeks, the token has continued delivering lower low swings, losing over 15% of its gains last month. Meanwhile, the token has reached the demand zone of $3 and may get a pullback soon.

The token’s price increase has no external factor. It was just “due” to increase based on the market’s overall sentiment towards the token over the past three months.

Today, BONK’s market activity included a price increase to $0.000039, reflecting a 13.11% change over the past 24 hours, reaching a new all-time high. The market capitalization rose 13.19%, reaching around $2.62 billion and positioning BONK as the 47th largest crypto by market cap.

According to data from CoinMarketCap, the trading volume for BONK increased by 95.37% in the same period, totaling about $777 million. The BONK price, trading at $0.00003908, broke above the key resistance of $0.00003771. This is the closing price of the prior 2024 high when BONK reached $0.00004800 during the intra-day trading hours.

Secondly, the above-mentioned factor might reduce the market’s bullishness, which could result in a consolidation. BONK could witness sideways movement between $0.00003939 and $0.00002833.