Meme coin mania is not slowing down.
Solana’s dog-themed token BONK simply hit a brand new all-time excessive in a single day at $0.00000669. CoinGecko information reveals that the cryptocurrency is now buying and selling for simply shy of that at $0.00000653—a 24-hour rise of 33%.
Much more spectacular is its surge over the month: The asset has continued to increase and is now up about 762%.
The token was launched in December 2022, however skilled a renewed surge in curiosity—and worth—final month. That is no less than partly all the way down to the piqued investor consideration over Solana, the blockchain on which BONK runs.
Solana’s personal native token, SOL, is now the sixth-largest digital asset by market cap. Renewed enthusiasm within the Solana ecosystem has resulted in SOL exploding in worth a number of occasions over the previous a number of weeks.
SOL stays properly off its all-time excessive worth of almost $260 set in late 2021—across the identical time different prime cash like Bitcoin and Ethereum set their respective peaks—however has rebounded considerably since falling to just about $8 in late 2022.
Collapsed crypto change FTX invested in each Solana and tasks constructed on prime of it. However when the change went bankrupt final 12 months, the affiliation appeared to tug down Solana even tougher than different cash.
And when disgraced ex-CEO of the change (and now convicted criminal) Sam Bankman-Fried had his legal trial, some traders thought the value would drop as soon as extra. However the reverse occurred as a brief squeeze—when worth of an asset goes up unexpectedly as a consequence of brief sellers exiting their positions—made SOL certainly one of November’s best-performers.
Curiosity from the likes of Visa and Shopify additionally led to cash flooding in to the ecosystem. And all of this has arguably helped the value of its most outstanding meme coin, BONK.
Meme cash are digital cash and tokens that are based mostly on Web memes and jokes. They’re normally very risky and disappear as rapidly as they spring into existence.
Although some, similar to Dogecoin (DOGE) and rival Shiba Inu (SHIB), have caught round—they’re the tenth and nineteenth greatest digital belongings by market cap, respectively.
However regardless of BONK’s increase, it nonetheless has a great distance earlier than it reaches the heights of multi-billion-dollar belongings like DOGE and SHIB: With a market cap of $397 million, it’s only the 133rd largest digital forex per information from CoinGecko.
Edited by Andrew Hayward
