BONK leads meme rally, most valuable Solana meme

Bullish feelings have taken hold of the crypto market as Bitcoin holds the $58K support line. BONK’s recent price uptick increased the market valuation of Solana-based meme assets.
After surging by an additional 10% for the week, BONK now the 48th most valuable crypto asset overtook Dogwifhat (WIF) in 50th position to become the largest Solana meme coin.

In the last 9 days, BONK has gained around 30% amid high pressure in the fast-rising altcoin.

 

The Solana meme currency has shown that this is not the case, breaking out even though many had projected that BONK would continue its downward trend following a pullback from its surge in early June.

BONK price is about to establish a new upward trend. The price has been in a sharp downward trend within a falling wedge since its rejection in the first few days of June. The price is set up to initiate a 20% upsurge in the next few days, as the pattern often indicates a breakout after hitting the pinnacle.

Santiment’s data indicated, that BONK’s social volume and dominance have also climbed, suggesting heightened interest in the meme currency. BONK’s live events and collaborations with Binance and Heliopay have also contributed to its recent rise.
BONK’s open interest (OI) has increased by almost 13% for the day.BONK may witness a further rise in the coming days due to its increasing OI and growing pricing.

BONK launched on December 25, 2022, is comparable to the meme coins Shiba Inu (SHIB) and Dogecoin (DOGE). According to return percentages, it was the crypto asset with the best performance in 2023, up 77633% in a year.

Since BONK established single-sided staking pools in October 2023, this increase has been strong. Without requiring a secondary asset, these pools allowed holders to receive additional payouts
Its listing on well-known sites like Revolut, Coinbase, and Kraken, along with this innovation, greatly increased its popularity and accessibility and supported a strong price momentum.

The BONK DAO saw tremendous support in April when it decided to burn about 5% of its entire supply or more than 278 billion BONK tokens. 99.9% of the community voted in favor of the move, which only served to accelerate the DAO’s growth.

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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