Memecoins
Solana-based meme coins BONK and FLOKI rise amid market crisis
Solana based meme coins Good (BONK) e Floki (FLOKI) have outperformed most popular meme coins with an increase of more than 15% in the last 24 hours.
At the time of writing, BONK was up 17%, changing hands at $0.000022. The crypto asset’s market capitalization currently stands at $1.53 billion, making it the 56th largest cryptocurrency according to CoinMarketCap data.
BONK 24 hour price chart | Source: CoinMarketCap
The token’s daily trading volume has doubled over the past day, reaching nearly $300 million. However, BONK is still down 46% from its all-time high of $0.000041, reached on May 29.
Bonk is a meme coin that rose to prominence in 2023, rising as a new meme coin boom pushed Solana higher.
Originally just another dog-themed meme coin, it has gradually expanded its utility to include decentralized finance (DeFi) integration. The project also works with cross-chain communication protocols, NFT markets, and other cryptocurrency market ecosystems.
BONK trading pairs are now listed on the most popular exchanges, including Binance, Coinbase, OKX and Bitstamp.
Meanwhile, Floki, another dog-themed meme coin on the Solana blockchain, has also seen its price increase by 15% in the last 24 hours. The crypto asset, now trading at $0.000172, has a market capitalization of around $1.64 billion with a daily trading volume of $301 million.
FLOKI 24 hour price chart | Source: CoinMarketCap
Floki’s wave followed that of a whale, nicknamed “0x403”, 14 billion FLOKI tokens staked worth approximately $2.36 million.
The whale’s decision to bet such a large sum is interpreted as a strong vote of confidence in Floki Inu’s long-term potential. Staking essentially removes these tokens from circulation, resulting in scarcity. With fewer FLOKI tokens available, supply and demand could drive the price higher.
Among other major players of dog-themed meme coins, dogwhifhat (WIF) and Dogecoin (DOGE) have seen gains of 15% and 2%, respectively, in the past 24 hours. Meanwhile, Shiba Inu (SHIB) is down 0.22% over the same time frame.
Meanwhile, the global cryptocurrency market is still recovering from a 1.4% decline, bringing its market capitalization to $2.24 trillion.
The world’s leading cryptocurrency by market capitalization, Bitcoin, is seen in the red with a decline of 3.36% in the last 24 hours, currently trading at $60,670.