Meme gold coin mania is not slowing lower.
Solana’s dog-themed token BONK just hit a brand new all-time high overnight at $.00000669. CoinGecko data shows the cryptocurrency has become buying and selling just for shy of this at $.00000653—a 24-hour rise of 33%.
Much more impressive is its surge within the month: The asset has ongoing to boom and it is now up about 762%.
The token was launched in December 2022, but possessed a restored boost in interest—and price—last month. This really is a minimum of partially lower towards the piqued investor attention over Solana, the blockchain which BONK runs.
Solana’s own native token, SOL, has become the sixth-largest digital asset by market cap. Restored enthusiasm within the Solana ecosystem has led to SOL exploding in value multiple occasions in the last several days.
SOL remains rich its all-time high cost of nearly $260 occur late 2021—around the same time frame some of the best coins like Bitcoin and Ethereum set their particular peaks—but has rebounded substantially since falling to almost $8 at the end of 2022.
Collapsed crypto exchange FTX committed to both Solana and projects built on the top from it. However when the exchange went bankrupt this past year, the association made an appearance to tug lower Solana even harder than other coins.
So when disgraced ex-Chief executive officer from the exchange (and now charged crook) Mike Bankman-Fried had his criminal trial, some investors thought the cost would drop once again. However the opposite happened like a short squeeze—when cost of the asset rises suddenly because of short sellers exiting their positions—made SOL certainly one of November’s best-performers.
Interest from the kind of Visa and Shopify also brought to money flooding to the ecosystem. And every one of it has perhaps helped the cost of their most prominent meme gold coin, BONK.
Meme coins are digital coins and tokens which derive from Internet memes and jokes. They’re usually very volatile and disappear as rapidly because they spring into existence.
Though some, for example Dogecoin (DOGE) and rival Shiba Inu (SHIB), have stuck around—they would be the tenth and 19th greatest digital assets by market cap, correspondingly.
But despite BONK’s boom, still it includes a lengthy way before it reaches the heights of multi-billion-dollar assets like DOGE and SHIB: Having a market cap of $397 million, it is just the 133rd largest digital currency per data from CoinGecko.
Edited by Andrew Hayward
