Solana
Solana’s Answer to Dogecoin Outperforms Broader Market With 13% Rise: What’s Going On With Bonk?
Dog themed meme token Bonk BONK/USD outperformed the heavyweights to become the biggest gainer in the cryptocurrency market on Monday.
What happened: THE Solana The SOL/USD-based coin has racked up gains of over 13% in the past 24 hours, outperforming not only established memecoins but also blue-chip currencies like Bitcoin BTC/USD and Ethereum ETH/USD as well.
Bonk’s trading volume increased by 132% to $329.16 million in the last 24 hours, significantly higher than coins with a higher market cap like Shiba Inu SHIB/USD and Cardan ADA/USD
With the latest increase, BONK’s weekly gains reached 17.52%.
See also: Bitcoin, Ethereum, Dogecoin Remain Range-bound on Mt. Gox Anxiety: Crypto King Needs to Reclaim $64,000 for Sentiment to Turn Bullish, Analyst Says
Why is this important: BONK’s Bullish Pivot Comes Thanks to Support from Popular Crypto Influencer Jake, who urged everyone in the Solana ecosystem to own the dog coin.
Jakey reminded the community of Bonk’s role in mitigating the negativity surrounding Solana in the aftermath of FTX’s collapse in 2022.
Let us recall that the stated objective of the project was indeed to revive Solana from its turbulent phase.
Meanwhile, speculative interest in BONK was on the rise, with most futures traders betting on its price rise. The number of traders holding long positions for BONK increased compared to those shorting the coin over the past 24 hours, according to to Coinglass.
Price action:At the time of writing, BONK was trading at $0.00002629, after rising 13.69% over the past 24 hours, according to Benzinga Pro data.
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