The first dog-themed meme coin on Solana (SOL), Bonk (BONK), appeared to be fading into the background at the start of 2023 despite initially being greeted with enthusiasm.
The token, seeking to emulate in the footsteps of other dog-themed cryptocurrencies such as Shiba Inu (SHIB) and Dogecoin (DOGE), still had some staying power due to its connection with the launch of Solana smartphones.
But by November, Bonk made something of a comeback amid the current crypto market rally and increased in value by a staggering 2,000% over the last 30 days, according to the latest data retrieved by Finbold from CoinMarketCap.
The meme coin is set to receive another boost as Binance, the world’s largest cryptocurrency exchange by volume, is adding support for perpetual futures trading for Bonk, per an official announcement from Wednesday, November 22.
Can BONK rise another 2,000%?
Considering that Bonk is nowhere near as popular or well-known as meme coins like Dogecoin, Floki Inu (FLOKI), or Pepe (PEPE), its rise in the current cryptocurrency rally is only more impressive.
Its price, at the time of publication, was standing at $0.0000043, meaning it had risen approximately 15% over the past 24 hours. Its 2,000% surge over the previous month has been both huge and steady, as Bonk has been following the upward trajectory since November 9 and is also up 59.91% in the last seven days.
Its consistent rise, its listing on Bitmex on Monday, and its perpetual futures trading on Binance signal that Bonk might turn into the main meme coin of the current rally with the potential to grow in value another 2,000% or more before the year is out.
Still, it is important to remember that the crypto market can be fickle, as is evident by Solana’s own surge, which has slowed down and even slightly reversed in the last 7 days despite appearing almost unstoppable in the first two weeks of November.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read the full article here
