Solana's Answer To Dogecoin Outpeforms Broader Market With A 13% Spike: What's Up With Bonk?

Dog-themed meme token Bonk BONK/USD pipped heavyweights to emerge as the cryptocurrency market's biggest gainer Monday.

What Happened: The Solana SOL/USD-based coin accumulated gains of more than 13% in the last 24 hours, outperforming not just the established memecoins, but blue-chip currencies like Bitcoin BTC/USD and Ethereum ETH/USD as well. 

Bonk's trading volume surged 132% to $329.16 million in the last 24 hours, significantly more than coins with a higher market cap like Shiba Inu SHIB/USD and Cardano ADA/USD

With the latest uptick, BONK's weekly gains have risen to 17.52%.

See Also: Bitcoin, Ethereum, Dogecoin Stay Rangebound On Mt. Gox Anxiety: King Crypto Must Reclaim $64K For Sentiment To Flip Bullish, Says Analyst

Why It Matters: BONK's bullish pivot comes amid support from popular cryptocurrency influencer Jakey, who urged everyone in the Solana ecosystem to own the canine coin.

I will forever suggest anyone within the SOLANA ecosystem to hold a bit of $BONK

Take the price up or price down mentality out for 1 second

BONK arguably played a massive role in the regrowth of the SOLANA ecosystem, dark days with a very uncertain feeling for most.

They…

— Jakey (@SolJakey) July 1, 2024

Jakey reminded the community of the role played by Bonk in alleviating the negativity surrounding Solana in the aftermath of the FTX collapse in 2022.

Recall that the stated aim of the project was to indeed revive Solana from its turbulent phase.  

Meanwhile, speculative interest in BONK was on the rise, with most futures traders betting on its price increase. The number of traders holding long positions for BONK surged in relation to those shorting the coin in the last 24 hours, according to Coinglass. 

Price Action: At the time of writing, BONK was exchanging hands at $0.00002629, following a 13.69% spike in the last 24 hours, according to data from Benzinga Pro.

Image via Shutterstock

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