Meme cash have turn into a outstanding a part of the crypto business and hardly a market restoration goes by that there isn’t a minimum of one meme coin outshining the crypto market beneficial properties. This time round, it’s a meme coin on the Solana community that’s outperforming the area, forsaking even the likes of heavy hitters resembling Dogecoin, Shiba Inu, and PEPE.
Solana-Primarily based BONK Meme Coin Rises 1,700%
After initially placing on an unimaginable run earlier this yr, the Solana-based BONK meme coin had seemingly light again into obscurity. The coin’s worth ultimately fell round 80% of its earlier all-time excessive and traded low for the higher a part of the yr.
Nevertheless, this bearish run would finish in October as quickly because the crypto market started to recuperate as soon as once more. The worth would ultimately go from $0.00000019 towards the tip of October to $0.000000768 by the point the month of November started. It was already up 300% by then however the rally was solely in its starting phases.
On Monday, November 20, the BONK worth made a brand new all-time excessive of $0.00000539 in line with knowledge from CoinGecko. This represents an over 1,700% enhance from its cycle lows, making it the top-performing meme coin within the final 30 days.
Likewise, BONK has seen an incredible soar in its buying and selling quantity. In mid-October, the meme coin was doing lower than $2 million in every day buying and selling quantity. Nevertheless, as of Tuesday, November 21, BONK’s buying and selling quantity is sitting above $100 million, up virtually 11% within the final day alone. This signifies the renewed curiosity within the coin, suggesting that the rally was backed up by good fundamentals.
BONK worth hits new all-time excessive | Souce: BONKUSD on Tradingview.com
Dogecoin And Shiba Inu Fall Behind
As the value of the BONK meme coin has surged, different meme cash haven’t carried out as effectively. Whereas they’ve seen some good headwinds, they’ve largely underperformed in comparison with BONK. To place this in perspective, the value of BONK is down 105.45 within the final week. On the identical time, the value of Dogecoin is up solely 2.5% in the identical time interval.
Shiba Inu and PEPE are performing even worse on this timeframe. The previous is presently seeing 2.7% losses on the weekly chart, whereas the latter is down 3.9% in the identical time interval. One other prime meme coin, FLOKI, is down 6.8% as effectively.
The BONK restoration may be attributed to the value of Solana which is up over 400% this yr alone. SOL’s worth reached as excessive as $62 earlier than correcting again downward, and the curiosity within the token trickled all the way down to different ecosystem cryptos.
