In an exciting development within the cryptocurrency market, Bonk (BONK), the dog-themed meme coin built on the Solana blockchain, has surged by over 35% in price, pushing its market value to an impressive $2 billion.
This meteoric rise highlights the growing appeal of meme coins and their significant impact on the broader cryptocurrency market.
Bonk, inspired by the success of other dog coins like Dogecoin (DOGE) and Shiba Inu (SHIB), quickly gained traction after its launch on the Solana blockchain.
According to CoinMarketCap data, BONK's market capitalization is now $2.04 billion, placing it as the 55th largest cryptocurrency by market cap.
BONK/USD Daily Chart, Courtesy: TradingView
The broader cryptocurrency market has been experiencing positive sentiment, with major coins like Bitcoin (BTC) and Ethereum (ETH) showing strength. This overall bullish trend has spilled over to altcoins and meme coins, including BONK.
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Crypto prices increased on signs of progress toward U.S. approval of exchange-traded funds investing directly in Ethereum, reversing a more negative outlook last week. The market rise is reminiscent of the investor excitement that preceded the launch of Bitcoin ETFs.
Santiment, an on-chain analytics firm, highlights BONK's spectacular price gain, citing the enthusiasm surrounding Ethereum's first-place ETF as a driver for one of crypto's top five days of 2024.
At the time of writing, BONK was up 28% in the past 24 hours to $0.00003217, and up 38% in the last seven days. BONK has been steadily rising since May 13 after reaching a low of $0.0000214. The rise culminated in highs of $0.0000345 in today's trading session. BONK's 24-hour trading volume is up 280% to $1.34 billion.
According to Kaiko, meme tokens have shown resilience after trade volumes reached multiyear highs of $71 billion in mid-March. Trade volume for meme coins remains robust, with weekly volume increasing by more than 200% year to date.
