BONK, the first dog-themed coin on Solana, is seeing a surprising 20% jump as the entire crypto market received a positive boost in the wake of XRP positivity.
Ripple scored a huge win in the SEC lawsuit, as the judge ruled that XRP is not a security. The news gave hope to crypto investors, who breathed a sigh of relief that other altcoins may not be considered securities after all.
BONK, just like the rest of the crypto market, celebrated the win as it sent a congratulatory message to XRP via its official Twitter account.
Owing to the positivity, BONK traded higher. At the time of writing, BONK was up 19% in the last 24 hours to $0.0000004. The token hit intraday highs of $0.00000042 in a two-day rise, breaching above the critical barrier at $0.00000037, which had hampered its price growth for weeks. BONK is up 18.27% in the last seven days.
BONK has largely engaged in sideways trading shortly after setting an all-time high of $0.000004922 in January. Save for a few price bursts, BONK's price has remained mostly stagnant, down 91.58% from its ATH.
BONK teases new releases
Via its official Twitter handle, BONK hints at ongoing development on a fully-on-chain Solana game powered by BONK. It highlights the possibility of a testnet release this weekend.
Likewise, BONK teases BonkSwap 2.0, which will introduce a few innovations to the DEX game on Solana.
In April, Bonk developers launched the dog-themed protocol's native decentralized exchange (DEX), called BonkSwap, in one of its first major releases.
Users can swap Solana SOL, BONK and stablecoins via the BonkSwap DEX, which makes use of Solana smart contracts. About 80% of fees on BonkSwap will be used to reward locked stakers of Bonk and BonkSwap LP positions as well as liquidity providers.