Solana-Based Meme Coin BONK Skyrockets Nearly 2,000%
A meme-inspired cryptocurrency called BONK has outperformed other major memecoins in recent months, with a nearly 2,000% price increase over the last six months, bringing the token’s value to $0.0000079756.
BONK’s Surge Fueled by Binance and PYTH Futures Listings
Trading at around $0.00000016 in October, BONK surged after leading cryptocurrency exchange Binance listed BONK futures contracts, along with futures contracts for decentralized finance network PYTH.
BONK Becomes Leading Memecoin by Market Cap
BONK’s price rise propelled its market capitalization to $435 million, making it one of the top memecoins by market cap after a near 95% surge in the past seven days.
BONK Surpasses Rival Meme-Inspired Cryptocurrencies
BONK’s rise allowed it to overtake rival meme-inspired cryptocurrency Floki Inu, which currently has a $385 million market capitalization, and earlier surpassed Baby Dogecoin with a market cap of over $200 million.
BONK’s Success Attributed to Being Based on Solana
Part of BONK’s success is attributed to being based on Solana, a layer-2 cryptocurrency that has gained momentum this year, with institutional investors betting on it and its ecosystem recovering after the collapse of FTX’s heavy support.
Solana’s Strengths Recognized by Developers
Developers are starting to recognize Solana’s strengths again, leading to BONK’s rising popularity. While SOL has seen an 85% increase in the past 30 days, BONK, as the leading meme coin on the network, has seen more significant gains.
The First Shiba-Inu Themed Solana-Based Cryptocurrency
The cryptocurrency team describes BONK as the first Shiba Inu-themed Solana-based cryptocurrency designed “for the people, by the people.”
Hot Take: BONK’s Meteoric Rise Continues
BONK has emerged as a strong contender in the meme-inspired cryptocurrency space, gaining momentum and surpassing its rivals in market capitalization after an impressive price surge, further solidifying Solana’s growing popularity among developers and investors alike.
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