Solana meme coins WIF and BONK continue to struggle, reflecting the broader downturn in the sector. WIF has dropped to nearly $1, its lowest level in eight months, while BONK risks testing key support levels as its EMA lines signal a continued downtrend.

Both tokens have suffered steep losses, with BONK down 40% and WIF dropping 52% over the past 30 days. While a broader meme coin resurgence could spark a recovery, both assets remain under pressure, with further declines still on the table.

BONK and WIF Extend Losses as Solana Meme Coins Collapse

The meme coin sector has faced a sharp downturn, losing 10.8% in the past 24 hours and now sitting at a total market cap of $90 billion.

Solana meme coins have been hit particularly hard, with all nine of the chain’s top nine biggest tokens recording losses over the past day and the last seven days.

Among the hardest-hit tokens, BONK and WIF have struggled significantly, with BONK down 40% and WIF dropping 52% over the past 30 days.

Despite their recent losses, both coins remain among the largest meme coins on Solana. BONK holds the second position with a market cap of approximately $1.6 billion, followed closely by WIF at $1 billion.

However, since its launch, TRUMP has surpassed both to become the leading Solana meme coin.

dogwifhat Price Prediction: Will WIF Continue Going Down?

WIF is currently trading near $1, its lowest level in months, after failing to break the $1.37 resistance. Its EMA lines point to an ongoing downtrend, suggesting bearish momentum remains strong.

If the trend continues, WIF could test the $0.97 support, and a breakdown could push it below $0.90.

A broader meme coin recovery, especially within the Solana ecosystem, could help WIF price regain momentum. If buying pressure builds, WIF could first test $1.22, with a breakout leading to $1.37.

If that resistance is cleared, WIF could rally to $1.64 or even $1.99, a potential 91% gain.

Bonk Price Prediction: Will BONK Reach Its Lowest Levels Since November 2024?

BONK EMA lines mirror WIF’s downtrend, with short-term lines trading below long-term ones.

If this trend persists, BONK could test $0.0000199 soon, and a breakdown could send it as low as $0.000017, its lowest level since early November 2024.

A reversal could see BONK price challenging the $0.0000225 resistance, with a breakout leading to $0.000028.

If bullish momentum strengthens, BONK could climb to $0.0000398, signaling a strong recovery.

XRP has ushered in 2025 with a robust bullish performance, achieving its highest monthly close to date. As a result of significant advancements in regulation and institutional adoption, the token’s surge coincides with a growing sense of optimism in the broader crypto market. XRP advanced toward critical price levels during January’s rally, which established the foundation for potential future gains.

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XRP Record Monthly Close Sparks Optimism

January was an important month for XRP because it reached its highest closing price ever. On January 16, the token hit a monthly high of $3.39, getting close to its record high from 2018. This positive trend, driven by growing market confidence and more people using XRP, has sparked new conversations about its long-term promise.

highest monthly close ever for XRP- $3.03 pic.twitter.com/boHBsHi6vP

— xoom (@Mr_Xoom) February 1, 2025

XRP’s price has changed a lot. After a big jump and peak in January 2018, its value dropped sharply, falling more than 60% that month and kept going down. It stayed around $0.2700 until it suddenly rose in 2021, but that increase didn’t last long.

Renewed Vigor

Despite years of underperformance, XRP is now showing renewed strength. Ecosystem growth, positive macroeconomic shifts, including the RLUSD launch, and potential regulatory changes are fueling this resurgence.

XRP’s recent price reflects this change. After strong gains in late 2023, it closed January at an all-time high of $3.0359, signaling a potential long-term uptrend.

A significant factor in the rapid price fluctuations of XRP, according to market analysts, is its liquidity structure. In contrast to Bitcoin, XRP’s order books are relatively thinner, which facilitates the upward movement of the price through the implementation of substantial purchase orders. Throughout January, this attribute was most evident, as robust demand resulted in rapid growth.

Recent Regulatory Changes Seen To Intensify Rally

The expected changes in regulations in the United States are an important reason why XRP has been rising lately. There is talk of a possible friendlier environment for cryptocurrency regulations after news that US Securities and Exchange Commission Chairman Gary Gensler has stepped down. This situation has encouraged investors to feel positive, especially about assets like XRP, which has faced regulation issues for a long time.

XRP is gaining more attention because of its present momentum and the potential introduction of spot ETFs for altcoins. Market participants are examining other well-known digital assets to see if they can generate the same level of demand as Bitcoin ETFs. The creation of an XRP ETF would attract significant investment from large institutions, further boosting the token’s value.

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Price Action And Market Sentiment

The current trading levels of XRP are indicative of its recent robust performance. At the time of writing, the asset was trading at approximately $2.78, with intraday fluctuations suggesting that volatility will persist. The token momentarily reached $2.95 before slightly retracing, indicating that traders were taking profits and exhibiting bullish strength.

Meanwhile, on-chain data indicates that there has been an increase in activity among large holders, who are informally known as “whales.” Some analysts anticipate a potential breakout if key resistance levels are breached in the coming weeks, as their accumulation patterns suggest confidence in XRP’s long-term growth.

Featured image from Pexels, chart from TradingView

FTX founder Sam Bankman-Fried (SBF) has intensified efforts to overturn his fraud conviction by responding to the US government’s dismissal of his appeal.

His legal team argues that the trial was flawed due to suppressed evidence, and he deserves another chance under a different judge.

Sam Bankman-Fried Argues FTX Customers Lost Nothing

In a January 31 court filing, Bankman-Fried insisted that his trial was unfair, claiming judicial bias influenced the outcome.

SBF lawyers assert in the filing that FTX customers did not experience financial losses. They emphasize that creditors will recover more than their initial losses, pointing to FTX’s investments in firms like Anthropic, Solana, and Mysten Labs.

His appeal highlighted how an early investment in Anthropic is helping FTX creditors recover funds. Bankman-Fried bought a substantial stake in the AI company for approximately $500 million.

Since then, the company’s value has grown to $60 billion, significantly increasing the value of his investment. His defense presented this as proof of his sound financial decisions, asserting that the investments could have eventually restored FTX’s solvency.

“Consider Anthropic. Bankman-Fried invested early in Anthropic—purchasing a substantial share for approximately $500 million. The company is now worth $60 billion, earning a return multiples over. His investment was brilliant,” his lawyers stated.

Another key aspect of his appeal is the claim that the court suppressed crucial evidence. He contends that he shaped FTX’s policies based on legal counsel.

However, the court blocked him from presenting proof that attorneys had approved his decisions.

His legal team also accuses Sullivan & Cromwell (S&C), FTX’s legal representatives, of conflicts of interest. They claim S&C was deeply involved in FTX’s operations before its collapse yet only classified asset commingling as a crime after the exchange’s downfall.

The appeal further alleges that the law firm contacted prosecutors without informing Bankman-Fried, effectively setting the stage for his indictment.

“Instead of recusing itself, S&C suddenly claimed this commingling was a crime after the November 2022 run on deposits. S&C then affirmatively reached out to prosecutors without notifying Bankman-Fried, its then-client-to invite this prosecution,” the lawyers argued.

Additionally, SBF’s legal team disputes the court’s decision ordering him to repay over $11 billion, calling the ruling “unlawful” and “indefensible.” They argue that he has already surrendered all his assets and cannot possibly meet the imposed financial penalties.

“There is zero chance Bankman-Fried—who already turned over all his assets—could ever repay $11,020,000,000, or anything close,” his lawyers wrote.

Sam Bankman-Fried’s latest appeal comes amid speculation that his parents are exploring ways to secure a presidential pardon. Meanwhile, FTX creditors continue to await repayments as the bankruptcy process continues.