The Solana-based memecoin BONK surged by over 100%, reaching a brand new all-time excessive previously 24 hours. This outstanding ascent contributed greater than $1 billion to its market capitalization, per CryptoSlate knowledge.
With this surge, BONK now ranks because the third-largest memecoin by market capitalization, trailing solely Dogecoin and Shiba Inu. BONK’s market cap is at $1.8 billion as of press time.
Furthermore, BONK’s buying and selling quantity has reached unprecedented ranges, with a staggering 331% surge to $1.16 billion recorded previously day. This buying and selling quantity surpasses the mixed buying and selling volumes of different prime memecoins like DOGE and SHIB throughout the identical interval.
In the meantime, the latest surge in worth has resulted in substantial earnings for early BONK buyers. Crypto analyst Lookonchain reported {that a} dealer that acquired 69 billion BONK at a mean value of $0.0000021 bought 52.3 billion items as we speak for $927,000, securing earnings totaling $784,000.
Why BONK rallied
The latest surge in BONK’s worth may be attributed to a number of key elements. Notably, its latest itemizing on main cryptocurrency exchanges equivalent to Coinbase, Binance, and KuCoin has considerably fueled its upward trajectory.
Historically, when a digital asset will get listed on exchanges, it tends to spark value will increase by making it accessible to a broader viewers throughout the crypto neighborhood.
Furthermore, the optimistic sentiment surrounding the Solana ecosystem has performed a task in boosting BONK’s momentum.
SOL itself has emerged as a robust performer amongst various cryptocurrencies this 12 months. The substantial progress noticed in Solana’s DeFi sector has propelled tokens based mostly on the blockchain to rally to new highs, as seen in cryptocurrencies like Helium’s HNT.
BONK aids Solana Saga telephone gross sales
Elevated gross sales of Solana Saga telephones have additional boosted the latest surge in BONK’s worth.
House owners of Saga telephones obtain a 30 million BONK token airdrop upon buying the gadget. At current charges, this airdrop is valued at greater than $700, which is greater than the Saga telephone’s present price ticket of $599.
In consequence, demand for the gadget has skyrocketed previously few days as crypto merchants look to revenue from the scenario.
In the meantime, Anatoly Yakovenko, the co-founder of Solana Labs, talked about a possible want to regulate the worth to handle demand.