The Rise of BONK: Solana’s Meme Coin Gains 762% in 30 Days
As Solana continues its upward trajectory in recent weeks, its leading meme coin, BONK, is experiencing remarkable gains, soaring by an impressive 762% over the past 30 days.
Meme coin mania shows no signs of slowing down, and Solana’s dog-themed token, BONK, has just achieved a new all-time high overnight at $0.00000669. According to CoinGecko data, the cryptocurrency is currently trading at $0.00000653, reflecting a 24-hour increase of 33%.
Even more noteworthy is its month-long surge, with the asset’s value skyrocketing by approximately 762%.
The Resurgence of BONK: A Closer Look
The BONK token, initially launched in December 2022, experienced a renewed surge in interest and price last month. This resurgence is attributed, at least in part, to heightened investor attention on Solana, the blockchain supporting BONK.
Solana’s native token, SOL, currently ranks as the sixth-largest digital asset by market cap. The revitalized enthusiasm in the Solana ecosystem has led to multiple value explosions for SOL in recent weeks.
While SOL is still below its all-time high of nearly $260 set in late 2021, it has rebounded significantly from its low of nearly $8 in late 2022.
Factors Influencing Solana’s Momentum
The collapse of the crypto exchange FTX, which had investments in Solana and associated projects, initially affected Solana’s value. However, a surprising turn of events occurred during the criminal trial of ex-CEO Sam Bankman-Fried, resulting in a short squeeze that made SOL one of November’s top-performing assets.
Notable interest from companies like Visa and Shopify further contributed to the influx of funds into the Solana ecosystem, potentially impacting the price of its flagship meme coin, BONK.
Meme Coins: A Volatile Landscape
Meme coins are digital assets inspired by internet memes and jokes, known for their high volatility and often transient existence. While some, like Dogecoin (DOGE) and rival Shiba Inu (SHIB), have endured and currently hold the 10th and 19th positions by market cap, respectively, others quickly fade away.
Despite BONK’s impressive surge, it still has a considerable journey ahead to match the market capitalization of multi-billion-dollar assets like DOGE and SHIB. With a market cap of $397 million, BONK currently ranks as the 133rd largest digital currency, as per CoinGecko data.
