As a researcher with a background in cryptocurrency analysis, I’ve been closely monitoring the meme coin market over the past few weeks. The recent correction has hit most meme coins hard, but there are some exceptions that have managed to buck the trend and gain significant value. One such coin is Bonk Inu (BONK), a Solana-based meme token that has seen its price rise by over 50% in the past two weeks.
TL;DR
- Bonk Inu (BONK), a Solana-based meme coin, has risen by over 50% over the past two weeks, becoming the fifth-largest in its cohort with a market capitalization of almost $1.6 billion.
Its growth has been bolstered by strong investor interest and listings on major cryptocurrency exchanges such as Binance and Coinbase.
BONK Climbs the Crypto Ladder
In recent weeks, the cryptocurrency market has seen significant corrections, as evidenced by the notable price drops of major digital assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and others.
The state of the meme coin sector remains similar to before, as most tokens are experiencing losses. Nevertheless, there are some noteworthy exceptions. For instance, Bonk Inu (BONK), a popular meme coin built on the Solana blockchain, has surged around 55% over the past two weeks according to CoinGecko’s information.
The market capitalization of BONK coin came close to reaching the $1.6 billion threshold, making it the fifth-largest meme coin by surpassing Floki Inu (FLOKI). At present, BONK is ranked as the 65th largest cryptocurrency, with a market cap that exceeds the market caps of Axie Infinity (AXS), The Sandbox (SAND), Aave (AAVE), and Algorand (ALGO).
As a crypto investor, I can tell you that the second-largest meme coin on the Solana blockchain, following closely behind, is none other than dogewhiz (WIF). Its market capitalization saw an incredible surge to nearly $5 billion towards the end of March. However, it has since retraced and now hovers around $2.5 billion in value.
BONK’s Impressive Rise
In December 2022, the meme coin emerged, but it gained significant attention a year later. At that time, its value skyrocketed dramatically due to massive investor interest, endorsements from notable figures, and inclusion in major cryptocurrency trading platforms.
According to CryptoPotato’s report, Binance, Coinbase, Bybit, Kraken, KuCoin, and several other major cryptocurrency exchanges have adopted BONK.
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2024-05-01 08:52