This Week in Coins: Bonk Continues Surge With Solana Hype, Bitcoin Dips

It has been one other nice week for meme coin Bonk (BONK) and the community it runs on.

BONK appeared unstoppable this week—simply because it did final week. The dog-themed meme coin is buying and selling for $0.00002364 as of writing, in response to CoinGecko. That is a stable rise of 67% over the previous seven days, and an totally bonkers 441% rise over the past two weeks. Should you jumped into the fray a month in the past, you’d have made your funding again six occasions over.

Merchants had been additionally loopy about Solana final month with buyers pouring cash into SOL and its associated merchandise.

Why? As a result of folks had been betting on the cryptocurrency’s collapse through the Sam Bankman-Fried trial, however a brief squeeze—when the worth of an asset shoots up unexpectedly as a result of compelled shopping for from brief sellers—led to the worth of SOL to explode.

The asset nonetheless has some juice in its rally, too: it was up over 6% through the previous week and is now buying and selling for $74.11, a greater than 20% achieve for the reason that begin of December.

BONK, a token which runs on SOL, has skilled super good points as a result of Solana’s run. Coinbase, America’s largest crypto alternate, additionally stated it could record the token this week.

However different meme cash have not executed as properly. Dogecoin (DOGE), the eleventh largest digital asset, is down greater than 3% over the previous day. Over the week, it has dropped much more—by 8%—and is buying and selling for $0.094.

In the meantime, Shiba Inu (SHIB) noticed a precipitous plunge late this week by 4%. It is nonetheless up over 17% over two weeks, although.

Different altcoins have not skilled a lot value motion. However Avalanche (AVAX) is the exception: this week it rose to develop into the tenth largest cryptocurrency by market capitalization, overtaking DOGE.

Institutional buyers are eyeing up the asset after banking big JP Morgan’s blockchain Onyx made use of the Avalanche blockchain subnet in a proof-of-concept trial. It is buying and selling at $41.77 now, with stable inexperienced throughout the calendar: up 3% since yesterday, up 27% since final week, and up 78% for the final 30 days.

Bitcoin is down almost 4% over the previous seven days and is buying and selling for $42,190 as hype surrounding the approval of an exchange-traded fund (ETF) appears to have calmed.

Edited by Ryan Ozawa.