Solana’s canine-inspired token, BONK, recently hit a fresh peak at $0.00000669, but presently, it’s trading slightly lower at $0.00000653, showcasing a remarkable surge of 33% in the last 24 hours. What’s more impressive is its growth over the month, soaring by approximately 762%.
Introduced in December 2022, BONK experienced a surge in interest and price last month, partly attributed to heightened investor attention on Solana, the platform supporting BONK’s operations. Solana’s native token, SOL, currently ranks as the sixth-largest digital asset by market cap, witnessing increased enthusiasm within its ecosystem, resulting in significant value surges over recent weeks.
While SOL hasn’t yet touched its record peak of nearly $260 from late 2021, the token has rebounded substantially since dropping to around $8 in late 2022. FTX, a collapsed crypto exchange that invested in Solana and its projects, appeared to influence Solana’s performance negatively when it faced bankruptcy. However, during the criminal trial of the former CEO, Sam Bankman-Fried, a short squeeze unexpectedly elevated SOL’s price, making it one of the top performers in November.
Major entities like Visa and Shopify showing interest in Solana attracted substantial capital into the ecosystem, potentially boosting the value of its prominent meme coin, BONK.
Meme coins, rooted in internet memes and jokes, tend to be highly volatile and transient. Although coins like Dogecoin (DOGE) and rival Shiba Inu (SHIB) have sustained their positions as the 10th and 19th largest digital assets by market cap, respectively, most meme coins fade quickly after emerging.
Despite BONK’s remarkable surge, it has yet to catch up to multi-billion-dollar assets like DOGE and SHIB. Currently holding a market cap of $397 million, BONK ranks as the 133rd largest digital currency according to CoinGecko data.
