Solana Dog Coin Bonk (BONK) Suddenly up 12%, Here Is Key Reason

The cryptocurrency market is witnessing a rise, with dog-themed coins at the forefront of this price surge. In this regard, the Solana-based BONK token has seen an impressive 12% increase.

This surge in BONK's value coincides with a remarkable 18% jump in Dogecoin's price, marking a broader trend of "dog coins" gaining traction on the crypto market.

Dogecoin, the largest dog-themed cryptocurrency by market cap, has leaped by a whopping 18%. This price rally is not isolated to these two cryptocurrencies; the entire category of dog coins has experienced significant gains.

Dog coins like Shiba Inu (SHIB) and Floki (FLOKI) are also posting gains. Shiba Inu was up 8% in the last 24 hours, while Floki surged by 12% as well. This collective rise in dog coins is reflective of a broader trend in the crypto market.

With X/Twitter's new payment branch being awarded more licenses in the U.S., many are speculating about the implementation of crypto payments on the platform.  Positive expectations around this speculation have triggered a rise for Dogecoin, which has spilled over to other dog coins, including BONK.

BONK steadily ticked higher after a rebound from lows of $0.00002144 on March 23. From this date, BONK is set to mark five out of six days in green, with today's gain being the largest.

In an astounding rise, BONK jumped from a low of $0.000025 to reach a high of $0.000029 in Thursday's trading session. The rise also coincides with positive sentiment for Bitcoin, which has regained the $71,000 mark.

At the time of writing, BONK was up 14% in the last 24 hours to $0.0000291; the token was likewise higher by 25% weekly.

The enthusiasm for dog coins is indicative of a wider appetite for risk among investors, who are increasingly looking for high-growth opportunities within the crypto market.