BONK, a memecoin linked to Solana (SOL), hit an all-time high on December 7, marking a 13% increase in its value in a day.
BONK’s rise coincides with the positive performance of the broader crypto market.
BONK’s significant price growth is part of a wider bullish trend in the memecoin sector, including assets like Shiba Inu and Dogecoin.
The cryptocurrency market has been booming lately, with some digital assets reaching all-time high (ATH) prices. One such example is the memecoin Bonk Inu (BONK).
The token reached its fresh peak today (December 7) after its price surged approximately 13% on a daily basis (per Coinstats’ data). BONK trades at $0.0000105 at press time.
BONK Price Chart | Source: Coinstats
BONK’s uptrend started at the beginning of November when the entire crypto market was flashing green and might have been partially fueled by its connection to Solana (SOL).
The memecoin is described as the first Solana-dog cryptocurrency “for the people, by the people.”
Recall that SOL was one of the best-performing crypto assets last month, surging to almost $70 approximately three weeks ago.
See Also: BitTorrent Token (BTT) Price Doubles Amid Tron Blockchain Optimism
Another factor that could have contributed to BONK’s 1,000% price explosion on a monthly basis might be the overall bullish condition across the memecoin realm.
Numerous assets of that type, including Shiba Inu (SHIB), Dogecoin (DOGE), Pepe Coin (PEPE), Floki Inu (FLOKI), and many more, have been well in the green in the past several weeks.
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