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Solana's Bonk (BONK) Skyrockets by 213% in Just Days, Here Are Exciting Reasons

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Sat, 9/12/2023 - 17:21
Solana's Bonk (BONK) Skyrockets by 213% in Just Days, Here Are Exciting Reasons
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Solana dog token Bonk (BONK) quietly surged to fresh all-time highs in today's trading. BONK reached an all-time high of $0.00001468, thus entering uncharted territory in its price.

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BONK has been on a tear since December's start, consolidating on a rise that began in early November, right after the formation of a bullish golden cross signal on its daily chart. Bulls had initiated a rise in November after the BONK price hit support at $0.000000612.

Since December's start, BONK is set to mark eight out of nine days of gains, with Bonk traders marking profits across multiple time frames.

TradingView
BONK/USD daily chart, courtesy: TradingView


Bonk is up 213% in the last seven days, according to CoinGecko data. The gains are even greater on a 30-day basis, with BONK registering a 719% jump in this duration.

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The increase in value is mirrored in BONK's market capitalization, which now ranks 77th largest at $867.5 million. As a result, BONK has flipped Floki to become the third largest dog-themed cryptocurrency by market cap.

Exciting reasons for BONK's rise

Several factors contributed to BONK's stellar performance in recent weeks. The general bullish sentiment in the crypto market fueled by Bitcoin spot ETF anticipation that saw the BTC price reach $45,000 this week might have aided Bonk's ascent.

Second, Bonk is mirroring the optimism in the Solana ecosystem, which saw the SOL token gain 511% on a year-to-date basis.

Third, technically, the rally was spurred on by the emergence of the first golden cross since BONK's inception.

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Solana Dog Coin Bonk (BONK) Rocketed 16% in Flash, Here's What Caused It

Fourth, positive exchange listings and developments might have also contributed to BONK's rise. BONK's recent listing on KuCoin was commemorated with a promotional reward of $58,000 worth of BONK for traders and holders.

More recently, esHXRO rewards were airdropped to more than 51,000 BONK holders. On-chain SPL wallets with a minimum of 10,000,000 BONK were eligible to receive the esHXRO reward.

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