Amid a broader market stumble, Pepe and Bonk have dumped 11% and 7%, respectively.
However, a new Dogwifhat-inspired token, DogWifCat, is brewing a storm after pumping 2,367% in its opening day.
Pepe and Bonk Fall as Crypto Market Nosedives
The crypto market has been swept by a sea of red today, with the total market cap plunging by 4.25%.
However, Pepe and Bon have fared worse for wear, presumably as traders cut higher-risk assets like meme coins to move lower down the risk curve.
Pepe is currently down 11% today and 21% this week. It remains up 511% this month, but its price chart is increasingly concerning as its market structure displays bearish momentum.
After continuing to create higher highs throughout February, the Pepe price chart has broken its structure on the 4-hour time frame.
The recent selloff rejected a critical support/resistance zone, with the next support at $0.0000064. However, chart remains in a neutral zone, but another support breakdown could cause a retracement to $0.00000488.
Nevertheless, analysts remain optimistic that a recovery will occur.
CEO of Because Bitcoin Max Schwartzman believes the current Pepe price is merely an uptrend deviation and it will push toward $0.0000135 in the coming weeks.
When comparing Pepe’s current price chart to Dogecoin’s in 2021, he said, “See some serious similarities here from a market structure perspective. Pepe looks really good. If BTC and ETH can behave, the next leg comes soon.”
Moving to Bonk, its price is $0.00002141, down 7% today and 30% this week but up 80% this month.
However, Bonk’s price chart presents a more bearish outlook than Pepe’s. Its price is flirting with the final support level before a potential cascading effect kicks in, plunging it to levels not seen since early February.
Bonk initially bounced from the $0.000021 support but lacked momentum to continue its run. It is now swiftly approaching the level again.
Analyst Axelverse recently explained Bonk’s outlook on X, highlighting its flip-flop performance against Solana and noting it “should bounce” but if it does not, “it’s pretty concerning.”
Evidently, both Pepe and Bonk remain in vulnerable positions. Potential buyers may be best poised to await a reversal confirmation to ensure a decisive entry.
But while the broader crypto market struggles, some meme coins have continued unfazed.
One of them is new DogWifCat, pumping 2,367% in its opening day and currently enjoying significant whale interest.
DEXScreener Trending Crypto DogWifCat Backed to 100X After Pumping 2,367%
DogWifCat wasted no time following its launch, pumping 2,367% on Wednesday. The reaction to its immediate success was widespread interest among investors, analysts, and media outlets.
As a Dogwifhat spinoff, DogWifCat boasts instant recognisability while offering an amusing alternative to the Solana-based phenom.
The token rose through the ranks of DEXScreeners’ trending list and currently boasts a $11 million market cap. However, it has sold off since its highs earlier today, presenting a timely entry for bulls.
Indeed, the volatile market conditions make its near-term price trajectory uncertain, but prominent analysts and whales are backing the project. Factoring in its low market cap, this indicates massive potential.
“Dog Wif Cat Coin on Solana Set to Skyrocket 100x,” wrote Crypto News analysts recently.
Meanwhile, whale activity is on the rise, with five purchases of 500 SOL or more (approximately $80,000) in the last twelve hours.
DogWifCat’s website leads with, “Much coin, such meme, add cat. DogWifCat = so investment. But what exactly is it? It’s simply a dog wif a cat attached to it, or vice versa.”
This simplicity encapsulates the essence of its viral predecessors, like BOME, SLERF, and WIF.
Market participants can buy $DWIFC on Solana’s Jupiter and Raydium DEXs but should act fast to take advantage of the low price.
