Solana-Based Meme Coin Bonk Makes A Comeback, Surging 30% As Market Eyes Bitcoin ETF Approval

The Solana SOL/USD based meme cryptocurrency, Bonk BONK/USD, has experienced a resurgence, climbing 30% over the past 24 hours after a decline that followed its year-end rally.

What Happened: In the last 24 hours, BONK surpassed the performance of other meme coins such as Dogecoin DOGE/USD, Shiba Inu SHIB/USD, and Pepe Coin PEPE/USD, which recorded gains ranging from 5% to 11%.

It should be noted that Bonk’s 24-hour trading volumes rose over 129% to $282.75 million, according to data available from CoinMarketCap at the time of publishing.

The bounce-back in Bonk's value comes with a broader market recovery, as investors show renewed enthusiasm based on the optimism surrounding a potential Bitcoin exchange-traded fund (ETF) approval.

The market is particularly focused on securing the green light for a spot Bitcoin ETF by Wednesday.

While the overall meme coin frenzy on the Solana blockchain appears to have petered out in the last week, BONK distinguishes itself with a notable rally, in contrast to some of the newer tokens struggling to find community support and facing declining values.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: BONK’s upward trend is also bolstered by the increasing popularity of Solana. Last week’s metrics displayed an increase in on-chain trading volumes and network fees for Solana, surpassing those of Ethereum ETH/USD, a platform traditionally holding the upper hand in this aspect.

The blockchain’s speed, reduced transaction costs, and a boom in meme coin offerings have propelled interest and activity within its ecosystem, with SOL’s price nearly tripling from $38 in early November to close to $120.

Meanwhile, crypto exchange OKX has announced plans to list BONK among other Solana ecosystem tokens. BONK and JTO tokens are scheduled to be available on OKX from 6:00 AM UTC on January 8, 2024, potentially expanding their reach and investor interest.

Price Action: At the time of writing, BIONK was trading at $0.0000125 on Monday, according to Benzinga Pro.

Image via Shutterstock

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