Bonk (BONK), a dog coin on the Solana (SOL) blockchain, appears to be making an epic comeback, with trade volume increasing by more than 471% in the previous 24 hours.
The increase in trade volume coincides with the rise in the BONK price. Typically, increased volatility often leads to increased trading volumes in any market, as experienced traders purchase and sell in huge amounts to maximize profits.
BONK was trading at $0.00001266 at the time of writing, up 12.04% in the last 24 hours and 22% on the week. Over $305 million worth of BONK has been traded in the last 24 hours, showing an increase over the prior day.
The volume and price surge of BONK come amid positive sentiment in the crypto market, as Bitcoin (BTC) and other coins also saw gains. BONK has been recovering from a slump that started after it reached highs of $0.0000349 in mid-December. Bulls tried a rally in early January, with BONK reaching highs of $0.000017 before reverting.
The bulls appear to have renewed their attempt to resuscitate BONK prices as it posts its second day of big gains. BONK achieved intraday highs of $0.000013 in today's session before encountering a roadblock.
Positive news regarding BONK appears to be driving its price gain during the last 24 hours. Solana-based Armada has introduced BONK rewards, which allow users to lock their BONK tokens to earn rewards from community-built BONK Eco products like BonkBot, SVB and BONKswap.
Dog coins in the Solana ecosystem are also booming. As previously reported, Dogwifhat (WIF), a meme coin based on the Solana (SOL) blockchain, experienced a 30% increase quickly after being listed on major cryptocurrency exchange Bitfinex before reverting its gains. Now, WIF has recovered, rising roughly 25% in the last 24 hours.