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Solana (SOL) Meme Coin BONK Revives 24%, Here's What Happened

Sat, 06/24/2023 - 14:05
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Tomiwabold Olajide
Solana dog coin Bonk (BONK) gains 24% in astonishing crypto market rally
Solana (SOL) Meme Coin BONK Revives 24%, Here's What Happened
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Solana dog coin, BONK, saw a massive jump of over 27% in the last 24 hours as renewed optimism in the market saw a few often dormant altcoins surging.

Following recent high-profile exchange-traded fund (ETF) filings in the U.S., Bitcoin reached its highest level in a year. Recent news regarding BlackRock, Inc.'s surprising application for a U.S. spot Bitcoin exchange-traded fund has revived interest in cryptocurrencies.

Solana dog coin BONK was not left out of the action, as it made positive moves in the last 24 hours.

Shortly after attaining all-time highs of $0.000004922 on Jan. 5 this year, BONK saw a decline before settling into a range.

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Months of range trading continued for BONK with occasional price gains, but there was no way to break out of the range. In February, BONK declined to trade below the daily MA 50 and stayed there.

On June 23, BONK experienced a rapid surge that continued today, reaching intraday highs of $0.000000486. At the time of writing, BONK has increased by 25% over the previous day to reach $0.00000041. The token has also risen by 33% during the last week.

The present BONK move marks another break above the daily MA 50 in weeks; it remains to be seen whether bulls will be able to sustain the ongoing tempo.

Currently, BONK is nearly down 92% from its all-time highs after an immense rally at the start of the year. BONK gained the spotlight in the Solana ecosystem in January as sentiment around the blockchain took a hit in the aftermath of the FTX exchange collapse.

In April, BONK developers announced the launch of its native decentralized exchange (DEX), marking one of the first major releases for the dog-themed token.

Users will be able to swap Solana, BONK and stablecoins via the DEX called BonkSwap, which will leverage Solana smart contracts. The majority of fees on BonkSwap (80%) will go toward compensating locked stakers and liquidity providers of Bonk and BonkSwap LP positions, which are expected to increase in value for holders.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.