It’s been another volatile 24 hours in the meme coin market.
Dogwifhat and Bonk Prices Pull Back But Sealana Presale Hits $3M Mark
This article was published more than a year ago. Some information may no longer be current.
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Dogwifhat (WIF) and Bonk (BONK) have cooled off from their recent rallies as traders opted to take profits.
Meanwhile, the new seal-themed token Sealana (SEAL) is in the spotlight after passing the $3 million milestone in its limited-time presale phase.
WIF Takes a Breather, But Is the Bull Run Over?
Meme coin mania has taken a breather as the much-hyped WIF token pumped the brakes on its rally.
After an explosive run-up in the past week, WIF finally saw some selling pressure kick in, dropping over 5% from yesterday’s peak to trade at $3.25.
That drop erased a large portion of WIF’s gains and pushed it back below the 20-day exponential moving average (EMA) on the hourly chart.
This could signal that the uptrend may be coming to an end.
Additionally, the price drop came as WIF hit a strong resistance zone that had held it down just a few weeks ago in early May.
But before the bears get too excited, the selloff has yet to drain WIF’s liquidity.
Spot trading volumes are still through the roof, up 142% over the past day to $1.1 billion.
That level of trading suggests this pullback could just be a brief pause before the next big move up.
BONK Cools Down After Last Week’s Vertical Rally
It’s not just WIF that has been winding down – BONK is also taking a breather after its latest surge.
BONK is trading at $0.0000379, down over 5% from yesterday’s high.
The token had been edging ever closer to its all-time high but has now pulled back from those lofty levels.
Just like WIF, BONK experienced a sharp rally over the past seven days and posted 55% gains in that time.
However, the token’s price is still holding strong near its 20-day EMA on the 4-hour chart.
This technical indicator has acted as dynamic support in the past, so it might prop BONK up for another leg higher.
Moreover, spot volumes remain incredibly high at $933 million over the past 24 hours.
That’s a massive amount of liquidity – which could fuel a sharp rebound.
All in all, the recent pullbacks for both WIF and BONK may just be healthy corrections after their explosive runs.
Is Sealana the Next Big Meme Coin on Solana After Raising $3M in Presale?
While leading meme coins take a breather from their recent rallies, presale project Sealana continues to gain traction.
Sealana is a “pure” meme coin with no real use case other than trying to benefit from trader speculation.
But that strategy is working perfectly so far.
In just one month, SEAL has raised $3 million in crypto presale funding from traders looking to get involved early.
The price during this presale phase is just $0.022 per SEAL – expected to be a discount on the eventual listing price.
And with the team aiming to continue raising awareness before eventually listing SEAL on a DEX, there’s a good chance this seal-themed coin could see a surge in price once it hits the open market.
Several well-known influencers think so, including YouTuber My Financial Friend.
In a recent video, he told his 287,000 subscribers that SEAL could 10x in value like other hyped-up meme coins before it.
This endorsement has prompted enormous buzz within Sealana’s Telegram community, which now has over 6,300 members.
Given the enormous presale funding and the favorable market conditions, it’s no surprise many of these members believe Sealana could be Solana’s next big meme coin.
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