The dog-themed meme coin Bonk (BONK), which was created on the Solana blockchain, has had an incredible price increase of over 35%, bringing its market worth to an astounding $2 billion. This is a fantastic development within the cryptocurrency industry.
This quick ascent demonstrates the rising popularity of meme currencies and their profound influence on the larger cryptocurrency market.
After launching on the Solana blockchain, Bonk gained popularity rapidly, gaining inspiration from the success of other dog currencies such as Dogecoin (DOGE) and Shiba Inu (SHIB).
With a market valuation of $2.04 billion, BONK is now the 55th-largest cryptocurrency by market value, according to statistics from CoinMarketCap.
Positive mood has been prevalent in the larger cryptocurrency market, as seen by the success of popular currencies like Ethereum (ETH) and Bitcoin (BTC). The general bullish trend has extended to meme coins and other cryptocurrencies, such as BONK.
After a more pessimistic view last week, cryptocurrency prices rose on indications of movement towards U.S. approval of exchange-traded funds investing directly in Ethereum. The surge in the market is evocative of the investor frenzy that surrounded the introduction of Bitcoin ETFs.
The euphoria around Ethereum’s top-ranked ETF is highlighted by Santiment, an on-chain analytics company, as a contributing factor to one of the top five days of 2024 for cryptocurrency. This results in BONK’s extraordinary price surge.
As of this writing, BONK has increased by 28% over the previous day to $0.00003217, and by 38% over the previous seven days. BONK hit a low of $0.0000214 on May 13 and has been increasing steadily ever since. The increase reached its peak during today’s trading session at $0.0000345. At $1.34 billion, BONK’s 24-hour trading volume has increased by 280%.
Kaiko claims that meme tokens have proven resilient following transaction volumes that in mid-March hit multiyear highs of $71 billion. The weekly volume for meme coins has increased by more than 200% year to far, indicating that trade activity is still strong.
