Solana
Solana: Bonk Dominates Market with 10% Rise: Will This Continue?
Solana-based memecoin Bonk (BONK) is currently the best performing cryptocurrency among the top 100 projects on the daily charts. BONK is up 10.7% in the last 24 hours, 16.8% on the weekly charts, and 24% on the 14-day charts. Its dogcoin counterpart Floki is also making a strong comeback, while dogwifhat and Dogecoin continue to trade in the red zone on the daily charts.
Bonk is currently down over 42% from its all-time high of $0.00004547, which it reached in March of this year.
Also read: Solana (SOL) surges 800% this year, outperforming Bitcoin and Ethereum
Bonk could benefit from VanEck’s demand for a Solana ETF. SOL itself is up 9% from the previous week. Investor confidence in SOL-based assets may have increased in anticipation of a SOL ETF.
Will Solana-based memecoin continue its rally?
BONK’s rise may be fueled by VanEck’s recent filing for a SOL ETF. Bonk and other SOL-based assets could suffer a price decline if authorities reject VanEck’s ETF application.
Researchers of CoinCodex The outlook for dog-themed Bonk is quite bullish. The platform predicts that Bonk will reach a new all-time high on July 18, 2024. CoinCodex predicts that Bonk’s rally will continue throughout the month, reaching $0.00008534 on July 29, 2024. Reaching $0.00008534 from current levels would translate to a growth of approximately 225.7%.
Also read: Solana set to lead next bull rally as SOL nears $150
The Solana-based memecoin has performed remarkably well since its launch in December 2022. Since July 2023, the memecoin has increased in price by over 7,200%, and it is currently rapidly rising in the list of top projects by market capitalization. Over the past year, other memecoins, such as Pepe and dogwifhat, have also seen remarkable development.