In these calm days after the storm, some memecoins are performing well on the crypto markets, including Dogecoin and Bonk.
The ups and downs caused by the new ETFs on Bitcoin spot have exhausted their momentum, leaving room for independent movements of some altcoins.
Crypto news: the performance of memecoins Bonk and Dogecoin
Bonk is a memecoin in some ways similar to Dogecoin, or more precisely to Shiba Inu, but launched on the Solana blockchain.
The price of Solana has experienced a real boom since the end of October, which has resulted in an incredible +560% increase in two months, until the end of December. Afterwards, there was a retracement of 24%, but the current price is still 320% higher than it was a year ago.
This has brought benefits to the entire token galaxy revolving around Solana, including Bonk.
In fact, the price of Bonk reached its all-time high on December 15, 2023, and since then it has dropped by 56%.
Since then, it has gained almost 40%, although the bulk of the gain was made between January 9th and 10th. Afterwards, it had retraced, like much of the crypto market, but on Saturday the 13th, it recorded an interesting rebound.
However, yesterday part of the earnings generated from Saturday’s rebound were lost, but there is still a +40% gain in the last seven days.
These recent price movements, however, are part of the overall trend in the crypto markets.
For Dogecoin, a similar speech can be made, but with some differences.
First of all, last year was not a good year for DOGE at all. In fact, the current price is even 4% lower than it was twelve months ago.
The problem is that at the beginning of February 2023, a long descent began, which only ended at the end of October when the entire crypto market woke up.
In addition, December was not a spectacular month for Dogecoin, although it reached its highest annual values in 2023 at almost $0.10.
The problem is that in the second half of December its price has dropped, without a general correction of the crypto markets, ending up falling below the levels of early 2023.
The lowest point of this descent, as for Bonk, occurred on January 8, 2024, but there was no rebound until the 11th.
So recently, the rise in the price of DOGE was not due to the approval of ETFs on Bitcoin spot, but rather the rapid recovery of the crypto market at the opening of the US stock exchanges on the day the new ETFs were launched on the market, on January 11th.
However, it was a short-lived recovery, as almost all the gains of this small and brief recovery were lost on Saturday 13th.
However, Dogecoin today earns 4% compared to seven days ago, which is one-tenth of the cumulative gain made by Bonk in the same period.
Bonk and Dogecoin: the comparison
As similar as they may seem, these two memecoins are actually different.
The main difference is that Dogecoin is a real cryptocurrency, with its own Proof-of-Work based blockchain, while Bonk is just a token on the Proof-of-Stake based Solana blockchain.
However, Dogecoin remains primarily a memecoin on the crypto markets, like Bonk or Shiba Inu.
If Shiba Inu was the alternative to Ethereum for Dogecoin, Bonk is the alternative to Shiba Inu on Solana.
So in the end there are more similarities than differences, especially in terms of finances, although there are certainly more differences at a technical level.
From a financial point of view, however, there is a huge difference: Dogecoin is a crypto project born in 2013 as a joke, with the definitive boom happening in the first half of 2021, while Bonk is a much more recent project, born only in 2022 and with the big boom happening at the end of 2023.
Therefore, it is normal that DOGE’s market performance is now somewhat attenuated, while Bonk’s volatility is still very high.