Today, BONK, the main meme coin of Solana, is soaring higher than 30%, reaching a price of $0.00001265. With practically all measures currently in the green, BONK is undoubtedly tracking the bullish comeback on Solana after taking a big beating from the bears.
The trading volume of BONK is considerably higher, indicating that buyers are once again interested in the stock. This measure has increased by 212% to $404,460,679, according to statistics from CoinMarketCap. As of this writing, the weekly losses have decreased from above 20% to 12.4%.
Smart whale influence
One possible explanation for the recent increase in the price of BONK is that market whales are purchasing the meme currency strategically. Lookonchain’s observations indicate that one such whale purchased 386 SOL for around $40,000, making a total purchase of 3.29 billion BONK today.
https://x.com/lookonchain/status/1744605955646783915?s=20
This specific whale has a history of being drawn to BONK, and it was among the first users to profit more over $6.9 million from the Solana-based joke currency.
In just nine months, this whale has reportedly bought 371.4 billion BONK for a cost of just 6,998 SOL, or $276,000. This information comes from Lookonchain. During this period, the whale profitably made $5.2 million by selling half of the BONK during the BONK boom for 50,139 SOL.
Given the fresh accumulation, it’s possible that the whale is identifying a trend that the majority is not, which implies that a more clear-cut rise for BONK may be in store.
Solana ecosystem revival
Despite the fact that Bitcoin is undoubtedly the primary driver of the present momentum, market experts and watchers are certain that Solana is poised to spearhead the current trend.
Leading the mega-cap surge in 2023, Solana retested the $100 barrier level in early trading today in an amazing rising chart. Expectations for the probable relaunch of additional meme currencies, such as Dogwifhat and AnaloS, among others, are growing as a result of BONK’s surge.
