Solana (CRYPTO: SOL)-based meme coin BONK has gained significant traction in the last 24 hours, outperforming popular meme coins Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).

What Happened: BONK, launched on December 25, 2022, is Solana’s first dog-inspired meme coin. It aims to serve as a “community coin” for various decentralized applications (DApps) on the Solana network. 

BONK, appreciated by over 3,300% to a peak of $0.00000487 in January 2023.

At the time of writing, BONK was trading at $0.0000006757. DOGE and SHIB were up 0.25% and 0.10% respectively since Monday.

Amidst the rally fueled by the Bitcoin ETF, BONK has emerged as the top meme coin performer today. In the past 24 hours alone, the memecoin has generated a trading volume of over $20.5 million. With a total market capitalization of just under $36.65 million, the 24-hour volume accounts for more than half the value of the entire circulating supply of BONK.

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Why It Matters: Crypto analyst Miles Deutscher sees both great potential and potential pitfalls in BONK’s rise. 

He suggests two scenarios: “SOL tops around Breakpoint, and BONK retraces even further – fitting my SOL short-term short bias. Or, 2. This is the start of a proper move, and memecoins gain steam.”

Photo by Fernando Cortes on Shutterstock

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