Bonk Inu (BONK), a Solana-based meme coin, has seen a 10% increase in price, reaching a market cap of over $1.7 billion and becoming the fifth-largest meme coin. Despite the overall meme coin sector experiencing a downturn, BONK has shown significant growth since its late 2022 launch, with analysts predicting further gains.

BONK's rise has been attributed to strong investor interest, support from leading exchanges, and favorable market conditions. The coin's performance in 2024 has been particularly impressive, reaching an all-time high in May. Despite a 20% dip in the past month, analysts remain optimistic about BONK's future trajectory.

The coin's success is seen as a testament to the resilience and potential of the Solana ecosystem, with one analyst suggesting that all crypto participants within the ecosystem should have some exposure to BONK.