Meme coins are making a comeback in the crypto world, with Solana’s very own dog-themed BONK token leading the puppy pack. BONK recently hit a new all-time high price of $0.00000811 after gaining over 750% in the last 30 days alone.
- Solana’s native token SOL has surged in price recently, sparking renewed interest in the ecosystem
- Meme coin BONK, which runs on the Solana blockchain, hit a new all-time high price of $0.00000669
- BONK is up over 750% in the last 30 days amid the Solana hype
- Despite the gains, BONK still has a relatively small market cap of $397 million
- Other dog-themed meme coins like DOGE and SHIB have also seen a bounce thanks to the meme coin mania
The meme coin mania shows no signs of slowing down. But what’s behind this latest surge in speculation around joke tokens like BONK? In a word: Solana.
Solana’s native token, SOL, has exploded in value over the past month thanks to a combination of factors. Renewed enthusiasm for the Solana ecosystem after the FTX fallout has brought money flooding back in. Major companies like Visa and Shopify are now working with Solana. And a short squeeze event made SOL one of November’s top performers.
As the Solana hype builds, investors are looking deeper into the ecosystem for the next hot token. Enter BONK – a Shiba Inu-themed coin that runs on Solana. The triple tailwinds of the Solana rebound, meme coin mania, and hype within the project community have sent BONK into record territory.
BONK was launched in December 2022, but has quickly been integrated across Solana projects and NFT platforms. It has a highly engaged community of holders who actively promote the token. The development team is comprised of 22 experienced Solana builders.
Trading volume and futures open interest have ballooned 10x in recent weeks as traders pile into the BONK boom. Social chatter and Google searches are spiking. Even old dog (coins) like DOGE and SHIB are riding the wave with double-digit gains.
Still, BONK has a long way to go to catch its canine ancestors. With a market cap hovering around $400 million, BONK is just a pup compared to multi-billion dollar meme coins DOGE and SHIB. Whether BONK turns out to be a flash in the pan or the next dog token dynasty remains to be seen.
For now, the SOL surge and meme coin mania have combined to make BONK the top dog in Solana. We’ll have to keep watching the charts to see if this puppy still has room to run.