The broader market has undergone a significant correction over the past few days, with Bitcoin (BTC) briefly falling below $60,000 earlier in the week. BTC has since recovered to $60,000, and the global cryptocurrency market cap has increased by 1.2% in 24 hours, currently standing at $2.39 trillion.
The current market decline is likely due to Bitcoin miners selling their shares as the average Bitcoin mining cost has increased to $86,000. Another factor that could hurt crypto assets is the lack of new money entering the market. Prices may also decline due to high levels of investor fatigue.
Will Solana-based memecoins continue to increase in price?
Traders may turn to memecoins as major assets take a hit. Pepe (PEPE) and Floki (FLOKI), two other popular cryptocurrencies are also seeing a surge on the daily charts. Traders can pick up memecoins while mainstream crypto assets trade in the red zone.
According to CoinCodex data, WIF will continue its bullish trajectory in the coming weeks. The platform predicts the Solana-based memecoin will reach $2.47 by June 30, 2024. WIF could even continue to rise in price through most of July.
The platform also paints a similar picture for BONK. CoinCodex data shows that BONK will reach 0.00002906 USD by June 30, 2024. The platform also predicts BONK will continue to increase in price in July.
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