Bonk# shares surge 30% to lead dog meme rally; Commodity Futures Trading Commission labels Floki a ‘utility token’
# Memecoins are known for their high volatility and tend to outperform major tokens during price rises, acting as a leveraged bet
Solana-based coin Bonk (BONK) is up 30%, according to CoinGecko data, with Dogecoin (DOGE), Shiba Inu (SHIB), DogeWift (WIF), and Floki (FLOKI) all gaining 20%. The dog-themed token category is up 8% on average over the past 24 hours, outpacing the market’s 4.5% jump as tracked by the broad CoinDesk 20 (CD20) index.
Memecoins# are known for their high volatility and tend to outperform major tokens during price spikes, acting as a leveraged bet on general crypto market sentiment.