In the past 24 hours, the Solana-based meme coin BONK has gained significant attention, outperforming popular meme coins Dogecoin and Shiba Inu.
BONK, launched on December 25, 2022, is Solana’s first dog-themed meme coin, designed to support various decentralized applications on the Solana network. It experienced remarkable growth of over 3,300% in January 2023, reaching a peak value of $0.00000487.
Currently, BONK is trading at $0.0000006757, while Dogecoin and Shiba Inu saw more modest gains of 0.25% and 0.10%, respectively, since Monday.
BONK has taken the lead as the top-performing meme coin during the Bitcoin ETF-driven rally. In the past 24 hours, it achieved a trading volume exceeding $20.5 million. Despite having a total market capitalization of just under $36.65 million, the 24-hour volume accounts for over half of BONK’s entire circulating supply value.
Crypto analyst Miles Deutscher points out that BONK’s surge holds both promise and risks. He outlines two possible scenarios: first, Solana (SOL) reaches its peak around the “Breakpoint,” causing BONK to retrace further, aligning with his short-term negative view of SOL. Second, this could signify the beginning of a substantial movement where meme coins gain momentum.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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