BONK Meme Coin Surges on Solana Network
With meme coins becoming a significant part of the crypto industry, one meme coin on the Solana network has recently outperformed heavy hitters like Dogecoin, Shiba Inu, and PEPE. The Solana-based BONK meme coin initially had a remarkable run earlier this year but then faded into obscurity when its price fell around 80% of its previous all-time high.
However, BONK’s bearish run ended when the crypto market began to recover in October. The coin’s price rose from $0.00000019 at the end of October to $0.000000768 by the start of November, marking a 300% increase. On November 20, BONK hit a new all-time high of $0.00000539, representing a 1,700% increase from its cycle lows, making it the top-performing meme coin in the last 30 days.
BONK’s Remarkable Comeback
BONK also experienced a substantial surge in trading volume, with its daily volume now exceeding $100 million, up almost 11% in just one day. This renewed interest in the coin indicates that the rally is backed by solid fundamentals, solidifying its remarkable comeback.
Dogecoin And Shiba Inu Fall Behind
While BONK surged, other meme coins such as Dogecoin, Shiba Inu, PEPE, and FLOKI have underperformed. Dogecoin is up only 2.5% in the last week, while Shiba Inu and PEPE are seeing losses of 2.7% and 3.9% respectively. Additionally, FLOKI is down 6.8% in the same timeframe.
The resurgence of BONK can be attributed to Solana’s price, which has surged over 400% this year. SOL’s soaring price has also led to increased interest in other ecosystem cryptos like BONK, contributing to its impressive recovery.
Hot Take
BONK’s resurgence on the Solana network showcases the potential for meme coins to outshine established cryptocurrencies. As the crypto market continues to recover, meme coins like BONK demonstrate the power of renewed interest and solid fundamentals in driving impressive price surges.
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