Solana-based meme coin Bonk (BONK) has recently surged 10%, outperforming other popular meme coins within the top 100 cryptocurrencies.
At the time of writing, BONK had risen by 8% in the last 24 hours, trading at $0.000025. Its market capitalization stands at $1.77 billion, making it the 52nd largest cryptocurrency, according to CoinMarketCap.
BONK 24-hour price chart | Source: CoinMarketCap
The token’s daily trading volume has also seen a significant increase, doubling to around $350 million. However, BONK remains 44% below its all-time high of $0.000047, which was reached on March 4.
Bonk gained popularity in 2023, driven by a surge in meme coins that also boosted Solana. Initially, just another dog-themed meme coin, Bonk has since expanded its utility to include decentralized finance (DeFi) integration. It also collaborates with cross-chain communication protocols, NFT marketplaces, and other crypto ecosystems.
The token is now listed on several major exchanges, including Binance, Coinbase, OKX, and Bitstamp.
The recent surge in BONK’s value is largely due to the BONK x Helio Pay treasure hunt event in London. This event, organized in collaboration with Moonwalk Fitness, involves participants finding nine QR codes placed at various iconic locations around the city.
Want a chance to win 69 MILLION BONK and participate in some Only Possible On Solana activities?Come to London @hackerhouses❗ ❗ ❗BONK x @helio_pay Treasure Hunt starts in 10 minutes ending at midnight July 5th for anyone who wants to get started first 👀 pic.twitter.com/7ifAnPnrli
— BONK!!! (@bonk_inu) July 1, 2024
Participants can win 69 million BONK and other prizes like merchandise, beer, and food. To join, individuals must find and scan one of the nine QR codes and post a photo of themselves or their hand making the BONK sign on social media, tagging @bonk_inu, @helio_pay, and @solana.
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Traders are optimistic about BONK’s future performance. According to trader Vlad Hryniv, the 4-hour technical indicators for BONK/USD are showing bullish trends.
The MACD suggests a possible shift in momentum, the RSI is at 60, indicating the potential for further price increases, and both the Klinger Oscillator and Awesome Oscillator point towards positive momentum.
On June 28, crypto.news reported a 26% surge in BONK over the prior week, attracting attention from traders and analysts. With key technical indicators displaying bullish signals and prices nearing critical resistance levels, BONK could be on the cusp of a significant breakout.
While BONK is gaining ground, other dog-themed meme coins such as Dogewhifhat (WIF) and Dogecoin (DOGE) have seen declines of 2.37% and 2.7%, respectively, in the past 24 hours. Shiba Inu (SHIB) also dropped by 1.36% in the same period.
The overall cryptocurrency market is experiencing a slight downturn, with a 1% decrease in market capitalization to $2.31 trillion.
Bitcoin, the leading cryptocurrency by market cap, has also dropped by 1% over the last 24 hours and is currently trading at $62,581.
Read more: Solana-based meme coins BONK and FLOKI surge amidst market downturn