Meme coins have emerged as a significant component within the cryptocurrency sector, such that hardly does a market rebound occur without the presence of at least one meme coin surpassing the overall gains of the cryptocurrency market. Currently, a particular cryptocurrency on the Solana network has exhibited superior performance inside the market, surpassing even prominent contenders like Dogecoin, Shiba Inu, and PEPE.
The value of the Solana-based BONK meme coin has experienced a significant increase of 1,700%.
Following an impressive surge early this year, the Solana-based BONK joke currency seems to have receded into relative anonymity. The value of the coin had a significant decline, reaching almost 80% of its previous peak, and remained at a rather low level for the majority of the year.
Nevertheless, the period of decline in the crypto market came to a conclusion in October, subsequently initiating a resurgence in market performance. The price exhibited an increase from $0.00000019 towards the conclusion of October to $0.000000768 at the commencement of November. By that point, the value had already increased by 300%; nonetheless, the upward trend in the market was still in its nascent phase.
According to statistics sourced from CoinGecko, the BONK price reached a new record high of $0.00000539 on Monday, November 20th. This signifies a remarkable surge of more than 1,700% from its lowest point in the market cycle, positioning it as the most successful meme-based cryptocurrency during the past 30 days.
Similarly, BONK has experienced a significant increase in its trading volume. During the middle of October, the trading volume of the meme currency fell below $2 million per day. As of Tuesday, November 21, the trading volume of BONK has surpassed $100 million, exhibiting a notable increase of about 11% within the past 24 hours. This observation indicates a resurgence in the coin's appeal, implying that the rise was supported by strong underlying factors.
The BONK meme currency has had a significant increase in price, whereas other meme currencies have not exhibited comparable levels of performance. Although there have been instances of favorable conditions, their overall performance has been somewhat subpar in comparison to BONK. In order to provide a contextual framework, it is noteworthy to mention that the price of BONK has seen a decline of 105.45 units throughout the last week. Simultaneously, the value of Dogecoin has experienced a mere 2.5% increase throughout the aforementioned time frame.
During this particular period, both Shiba Inu and PEPE have seen a decline in performance. The former is now seeing a decline of 2.7% on the weekly chart, and the latter is exhibiting a decrease of 3.9% within the same time frame. The cryptocurrency known as FLOKI, which has gained significant popularity as a meme coin, has also experienced a decline of 6.8%.
The recovery of #BONK may be ascribed to the substantial increase in the price of Solana, which has seen a growth of more than 400% within the current year. The price of SOL had a significant surge, reaching a peak of $62, before seeing a subsequent correction. This surge in price also generated interest in other cryptocurrencies within the ecosystem.
