According to Decrypt, Solana's dog-themed meme coin BONK reached a new all-time high overnight at $0.00000669. CoinGecko data indicates that the cryptocurrency is now trading just below that at $0.00000653, representing a 24-hour increase of 33%. Over the past month, the asset has experienced a significant surge, with its value now up about 762%. BONK was launched in December 2022 and saw a renewed spike in interest and price last month, partly due to increased investor attention towards Solana, the blockchain on which BONK operates. Solana's native token, SOL, is currently the sixth-largest digital asset by market cap.

The Solana ecosystem has seen a resurgence in enthusiasm, with SOL's value increasing multiple times over the past several weeks. Interest from companies like Visa and Shopify has also contributed to an influx of funds into the ecosystem, which has arguably helped boost the price of BONK. Meme coins, which are digital coins and tokens based on internet memes and jokes, are typically volatile and often disappear as quickly as they emerge. However, some, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have remained in the market, ranking as the 10th and 19th largest digital assets by market cap, respectively. Despite BONK's recent growth, it still has a long way to go before reaching the multi-billion-dollar market caps of DOGE and SHIB, with a current market cap of $397 million, making it the 133rd largest digital currency according to CoinGecko data.