Solana-Based BONK Overtakes Shiba Inu & Dogecoin Volumes

BONK, a memecoin based on the Solana (SOL) network, has seen a significant price rise since November. The memecoin’s price remained stagnant for most of 2023 but has skyrocketed over the last month.

Also Read: Here is How To Be a Millionaire When BONK Hits $0.01

BONK’s recent rally follows a listing on Coinbase, one of the most significant crypto exchanges. Moreover, the Solana-based token’s trade volume has surpassed rivals such as Dogecoin (DOGE) and Shiba Inu (SHIB) on Coinbase, exceeding the $30 million mark.

Will the Solana-based memecoin surge further?

Source: NFT Evening

Since January, BONK’s price has surged by over 6700%, making it one of the best-performing cryptocurrencies in 2023. The token has outperformed the likes of Solana (SOL), which has surged nearly 1000%, and Bitcoin (BTC), which has risen by about 160% in the same time frame.

However, despite the recent price spike, the Solana-based token has faced a massive correction, falling by over 14% in the daily charts, over 40% in the weekly charts, and over 12% in the last 14 days. Nonetheless, the memecoin is still up 244.5% over the previous month.

Source: CoinGecko

Also Read: Solana-Based BONK Plunges 40%, Can Santa Fest Spark a Revival?

BONK might continue to falter, given that the token does not have a lot of utility. Moreover, Dogecoin (DOGE) and Shiba Inu (SHIB) dominate the memecoin space, whose performance in 2023 has also been lackluster.

According to CoinCodex, the Solana-based memecoin’s price may consolidate around current levels. The platform anticipates BONK to reach $0.00001487 on Jan.1, 2024.

Source: CoinCodex

BONK’s recent correction seems to mimic Solana’s (SOL) trajectory. SOL recently hit a yearly high, but the asset’s price has since dropped. SOL is currently down by over 6% in the daily charts. BONK may see a rise in price if SOL picks up momentum. Moreover, the memecoin may rise again if we enter a bull run in 2024.

  • BONK
  • Solana

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

Top 5 Cryptos That Could 10X Amid Market Resurgence – $XRP, $ADA, $SOL, $AAVE, $BRETT

Hình ảnh
Cryptocurrencies are gaining momentum as market conditions improve, with an influx of fresh liquidity and rising retail interest. Extreme greed in the market signals bullish trends, but investors should remain cautious as these conditions often lead to increased volatility. While the ideal time to invest may have been during the bear market, there are still opportunities in relatively safer altcoins. Investors are advised to approach these options with a long-term perspective and assess the inflationary dynamics of each token. While safer altcoins may not deliver the dramatic 10x returns of riskier investments, they offer a more stable growth opportunity as the crypto market gains broader traction. This article highlights five such options, ideal for cautious investors or those new to the market. XRP (XRP) XRP has shown strong performance in bullish markets, often regaining its dominance against Bitcoin during altcoin seasons. The token recently surpassed its 2021 market capitaliza...
Đọc thêm

Why Maker (MKR) Can Reach $2,000 as New Year Fever Begins

Hình ảnh
Three addresses bought 11,610 MKR tokens in the last seven days. Sellers are exhausted, so MKR bulls may push the token to $2,000. If the cryptocurrency hits $2,000, a 20% correction may happen. Maker (MKR), the governance token of the MakerDAO has been subject to another round of accumulation, Lookonchain revealed. According to the Lookonchain, three new wallets bought 18.6 million worth of MKR in the last seven days. The “smart money handle” also mentioned that the buyer(s) withdrew tokens from Binance and sent them into self-custody. The withdrawal from the exchange suggests the buyers plan to keep MKR in anticipation of a price increase.  More Increase for MKR in 2024 The accumulation happening a day before 2023 ends was a sign that MKR might have bullish tendencies going into 2024. Previously, Coin Edition had mentioned that some wallets bought some tokens including MKR. Since then, the cryptocurrency price has increased by 10.46% while tradi...
Đọc thêm