Popular dog-themed token Bonk BONK/USD turned out to be one of the best-performing memecoins Tuesday, while the native currency of its parent blockchain, Solana SOL/USD, also traded in the green.
What Happened: Bonk surged more than 7% in the last 24 hours, taking its gains since the beginning of this week to 27%. The canine coin recorded a 24-hour trading volume of $390 million.
Alongside, the fifth-largest cryptocurrency, Solana, gained 1.86% in the last 24 hours, mirroring the trajectories of Bitcoin BTC/USD and Ethereum ETH/USD. SOL logged a trading volume of $2.27 billion.
See Also: Trader Calls Solana ‘Most Liquid, Strongest Runners’; Analyst Predicts March 2025 Final Deadline For SOL ETFs
Why It Matters: BONK's latest bullish pivot effectively erased all the losses endured during last week's market bloodbath. Over the month, the memecoin was still down 10%.
However, a noted cryptocurrency analyst, going by the pseudonym, World Of Charts, forecasted a 2x surge for the Solana-based token in the coming days.
Another well-known analyst, The CryptoBull, described BONK as the “most ‘obvious coin to pump from here,” with other memecoins following suit.
Price Action: At the time of writing, BONK was trading at $0.00002564, while Solana was exchanging hands at $140.42, according to data from Benzinga Pro.
Image via Shutterstock
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