- BONK, Solana’s first meme coin, surpasses expectations with a 719% growth in the last month.
- Santiment predicts meme coins, including BONK, will dominate the cryptocurrency market in 2024.
- Despite a recent dip, BONK’s historic surge draws parallels to Dogecoin’s 2021 rise, capturing traders’ attention.
In a recent report by data aggregator Santiment, the crypto community is buzzing about BONK, the first meme coin launched on the Solana blockchain. Often hailed as a competitor to popular canine tokens like Shiba Inu and Dogecoin, BONK is capturing the attention of traders as the market continues to crave meme cryptocurrencies.
Santiment’s latest tweet suggests that as we approach 2024, the cryptocurrency market is heavily influenced by both short-term and long-term trends. According to their analysis, NFTs, BASE, and various meme cryptocurrencies, including BONK, are poised to maintain their allure for traders in the coming year.
The report draws parallels between BONK’s current rise and Dogecoin’s surge in 2021. Recall that Dogecoin reached a historic peak of $0.7376 on May 8, driven largely by Elon Musk’s enthusiastic endorsements on Twitter. Musk, humorously calling himself the “DogeFather,” played a significant role in Dogecoin’s ascent, particularly during his appearance on Saturday Night Live in April.
BONK, the Solana-based meme coin, has been on a remarkable upward trajectory in the first weeks of December. Notably, it recorded a staggering 213% surge in the initial week, catapulting to an all-time high. The growth over the preceding month amounted to an astonishing 719%, showcasing BONK’s rapid ascent in the meme coin space.
On December 15, BONK reached another milestone, hitting the $0.00003419 price level. However, the coin has experienced a slight dip since then, currently trading at $0.0000245, marking a decline of nearly 30% from its peak.
As BONK continues to carve its niche in the crypto landscape, traders are closely watching its performance, with some drawing comparisons to the historic Dogecoin rally of 2021. Only time will reveal whether BONK will maintain its momentum and secure a lasting position among the cryptocurrency heavyweights.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.