BONK, the popular memecoin on the Solana network, has increased by 2689 percent in the last month.
In the remarkable rise of the crypto market, one altcoin has quietly risen to the top. BONK, one of the Memecoins, has increased by 2689 percent since October 21. BONK, which emerged in the Solana ecosystem and brought out great expectations, rose from $0.0000002065 to $0.0000042400 in one month. The popular memecoin has experienced a revival, rising nearly 20 times.
Positive market conditions and social metrics were behind BONK’s rise. BONK used social media platforms efficiently and attracted the attention of the community. Could the rise become a trend soon?
BONK price is on the rise: Going for the top
BONK, the popular memecoin on the Solana (SOL) network, has experienced a sensational rise and set its sights on the top. BONK has become the best performing cryptocurrency among memecoins in the last month.
BONK’s 2689 percent rise in one month also revitalized the Solana ecosystem. As it is known, BONK emerged in early 2023 as an attempt to save the Solana ecosystem. It was noteworthy that BONK served as a hero during the period when Solana was under fire due to the FTX agenda.
At a time when the price of SOL reached 9 dollars and the ecosystem was on the point of disintegration, a group of entrepreneurs launched the BONK token. Many Solana whales, including the Solana founder, have shown keen interest in BONK. BONK, which quickly attracted attention and created FOMO, became one of the most talked about cryptocurrencies. This revitalized the Solana ecosystem and the SOL price rose to $12.
A similar FOMO is observed again. BONK’s rise is also a signal for SOL, which is currently marking $60. Memecoin, which revitalizes the Solana ecosystem, has its sights set on the top.
According to CoinMarketCap data, BONK witnessed a 14 percent increase in trading volume in the last 24 hours. BONK’s 24-hour trading volume increased to 138 million dollars. Additionally, BONK reached a market value of $227 million.
BONK, which has increased nearly 20 times since October 21, has reached its peak in terms of price. BONK’s market value was close to $10 million on October 21, but with this increase it reached $227 million. BONK, which has an inflated structure in terms of market value, may face selling pressure.
BONK, which has already achieved significant growth and is supported by market conditions, faces the risk of decline in the short term due to the fact that the memecoin craze has not yet emerged. However, crypto investors continue to show interest in BONK. At this point, BONK may once again test the resistance point located in the $0.0000057595 region. If this zone is broken, BONK can reach $0.0000065.
However, if the selling pressure increases, BONK price may drop to the nearest support point of $0.0000040. More sales may push BONK to $0.0000035.
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