In today’s trade, the Solana dog token Bonk (BONK) quietly shot to new all-time highs. At $0.00001468, BONK’s price hit an all-time high and ventured into unknown territory.
Since the beginning of December, BONK has surged rapidly, consolidating a climb that started in early November, immediately following the development of a bullish golden cross signal on its daily chart. In November, when the BONK price found support at $0.000000612, bulls had started a rally.
Eight of the nine days since the beginning of December are expected to be marked as gains by BONK, with traders recording profits throughout a variety of time periods.
Based on statistics from CoinGecko, Bonk has increased by 213% during the past seven days. The profits increase much more during a 30-day period, as BONK shows a 719% increase throughout this time.
BONK’s market capitalization, which now stands at $867.5 million and ranks 77th largest, reflects the rise in value. Consequently, BONK overtook Floki to rank third in terms of market capitalization among cryptocurrencies with a dog theme.
Exciting reasons for BONK’s rise
BONK’s outstanding achievement in the last several weeks was a result of several reasons. Bonk’s rise may have been facilitated by the overall positive mood in the cryptocurrency market, which was stoked by the expectation of a Bitcoin spot ETF and saw the price of BTC approach $45,000 this week.
Second, Bonk is reflecting the optimism in the Solana ecosystem, where the year-to-date gain of the SOL token is 511%.
Third, officially speaking, the first golden cross to appear since BONK’s founding served as the catalyst for the rally.
Fourth, BONK’s increase may have also been influenced by favourable exchange listings and developments. In honour of BONK’s new launch on KuCoin, traders and holders were given a promotional prize of $58,000 worth of BONK.
Over 51,000 BONK holders received esHXRO prizes by airdropping more recently. A minimum of 10,000,000 BONK was required for on-chain SPL wallets to be eligible for the esHXRO award.
