Solana’s Meme Coin Bonk (BONK) Spikes 15%, Here’s Key Reason

Fri, 9/02/2024 – 17:05

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Bonk (BONK), the Solana dog coin, appears to be making a comeback, rising 15% in the last 24 hours after a dip following its early 2024 price increase to $0.00001794.

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In the past 24 hours, BONK has outperformed other dog coins like Dogecoin and Shiba Inu, which gained 0.83% and 1.20%, respectively. At the time of writing, BONK was up 11.13% in the previous 24 hours.

BONK, which claims to be the first dog coin on the Solana (SOL) blockchain, has received a lot of interest and adoption from the cryptocurrency community, particularly the Solana ecosystem.

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BONK/USD Daily Chart, Courtesy: TradingView

While the overall meme coin hype on the Solana blockchain appears to have declined, BONK seems to be making its return, rising from lows of $0.0000102 to highs of $0.00001199 during the Friday trading session.

CoinMarketCap statistics show that Bonk’s 24-hour trading volume increased by more than 97.08% to $138.78 million.

The rebound in Bonk’s value coincides with a broader market recovery as investors regain interest in Bitcoin and other crypto assets. The Solana ecosystem appears to be benefiting from the market’s favorable outlook.

Solana, the fifth largest cryptocurrency by market value, reclaimed the $100 threshold after the outage that frightened traders on Monday proved to be a local low, with FUD pushing the price return. At the time of writing, SOL was trading at $104.75.

As previously reported, Dogwifhat (WIF), a meme coin based on the Solana (SOL) blockchain, witnessed a 30% jump yesterday following its Bitfinex listing before reversing its gains.

The Solana-based Pyth Network (PYTH) token has also had a huge spike of 10.09% in the previous 24 hours.

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