Solana
BONK hits $2 billion milestone
Tomiwabold Olajide
BONK surged more than 35%, bringing its market value to $2 billion.
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In an exciting development in the cryptocurrency market, Bonk (BONK)the dog-themed meme coin built on the Solana blockchain, surged over 35%, bringing its market value to an impressive $2 billion.
This meteoric rise highlights the growing appeal of meme coins and their significant impact on the broader cryptocurrency market.
Bonk, inspired by the success of other dog coins like Dogecoin (DOGE) and Shiba Inu (SHIB), quickly gained traction after its launch on the Solana blockchain.
According to CoinMarketCap According to the data, BONK’s market capitalization now stands at $2.04 billion, placing it 55th among cryptocurrencies in terms of market capitalization.
BONK/USD daily chart, courtesy of: TradingView
The broader cryptocurrency market saw positive sentiment, with major coins like Bitcoin (BTC) and Ethereum (ETH) showing strength. This overall bullish trend has spread to altcoins and meme coins, including BONK.
Crypto prices rose on signs of progress toward U.S. approval of exchange-traded funds investing directly in Ethereum, reversing a more negative outlook last week. The market rise is reminiscent of the investor enthusiasm that preceded the launch of Bitcoin ETFs.
Santiment, an on-chain analytics firm, highlights BONK’s dramatic price rise, citing the excitement surrounding Ethereum’s top-ranked ETF as driving one of crypto’s top five days of 2024.
At the time of writing, BONK increased by 28% in the last 24 hours to $0.00003217, and by 38% in the last seven days. BONK has been steadily rising since May 13 after hitting a low of $0.0000214. The rise culminated with a high of $0.0000345 during today’s trading session. BONK’s 24-hour trading volume increased 280% to $1.34 billion.
According to Kaiko, meme tokens showed resilience after trading volumes reached a multi-year high of $71 billion in mid-March. Meme coin trading volume remains robust, with weekly volume increasing over 200% year-to-date.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.