There is an ongoing recovery in the broader digital currency ecosystem, and meme coins are wildly riding the tide. While Bitcoin (BTC) is leading the market with its 6.97% jump to $45,334.10, Solana’s star meme coin BONK is also taking advantage of this wild ride, jumping by 8.43% at the time of writing to $0.00001443, per data from CoinMarketCap.
The BONK resurgence is the first emphatic ride of 2024, and it is a function of new funds flowing into the meme coin ecosystem after investors took short-term gains following the parabolic run of 2023. BONK was a major beneficiary of the past year’s rally, soaring as high as 6,824% in the past three months.
At the time of writing, the trading volume of the meme coin has touched $155,054,903 after jumping by more than 22% overnight. With the massive inflow BONK is receiving, it is on the right path to further lead meme coins from other ecosystems to new heights this year. This ambitious move will also require a strong leaning from the Solana protocol itself, which is bound to outpace its peers in a quest for more parabolic price gains in the short term.
Meme coin dominance war heating up
BONK is particularly attractive at this time, owing to the associated airdrop that some members of its ecosystem are entitled to. Nonetheless, BONK’s attractiveness is shaky in the face of other top rivals like Shiba Inu (SHIB), PEPE, Dogecoin (DOGE) and even other key rivals within the Solana ecosystem like Dogwifhat and AnaloS.
After the hype waned, retail investors are poised to pitch long-term tents with meme coin projects that are actively building a sustainable infrastructure to power their operations. Shiba Inu is leading in this regard with its Ethereum-based layer-2 scaling solution, Shibarium, hitting several adoption milestones.