Meme coins are dramatically profiting from the continuing revival of the larger digital currency ecosystem. According to statistics from CoinMarketCap, Solana’s star meme coin BONK is also profiting from this crazy ride, rising by 8.43% to $0.00001443, while Bitcoin (BTC) is topping the market with a 6.97% spike to $45,334.10.
The first notable increase of 2024 is the BONK comeback, which is the result of fresh money entering the meme currency ecosystem after investors cashed out during the parabolic run of 2023. BONK, which surged as high as 6,824% in the last three months, benefited greatly from the surge of the previous year.
The meme coin’s trading volume increased by more than 22% overnight, and as of this writing, it was at $155,054,903. Given the enormous amount of money BONK is getting, it is well-positioned to push meme currencies from other ecosystems to new heights this year. The Solana protocol itself, which is certain to outperform its competitors in the short term in its pursuit of greater parabolic price rises, will also need to be strongly in favour of this bold step.
Meme coin dominance war heating up
Because of the related airdrop to which some members of its ecosystem are entitled, BONK is especially alluring right now. Even yet, BONK’s appeal is questionable when compared to other formidable competitors like Dogecoin (DOGE), PEPE, Shiba Inu (SHIB), and even other significant competitors inside the Solana ecosystem like Dogwifhat and AnaloS.
Retail investors are prepared to make long-term tent pitches with meme currency enterprises that are actively developing a viable infrastructure to fuel their operations once the initial excitement has subsided. With its Ethereum-based layer-2 scaling solution, Shibarium, reaching many acceptance milestones, Shiba Inu is leading the way in this area.
