The popular memecoin BONK, located on the Solana network, has experienced a remarkable surge of 2689% in the last month. Rising from 0.0000002065 dollars to 0.0000042400 dollars since October 21, BONK has revived with an increase of nearly 20 times. Positive market conditions and strong social metrics contributed to the success of BONK. Effectively utilizing social media platforms, BONK attracted the attention of the community. Could this surge turn into a recent trend?
BONK price is on the rise: Going for the top
Solana (SOL) network’s popular memecoin BONK has experienced a sensational surge, aiming for the top. BONK has become the best-performing cryptocurrency among memecoins in the last month. With a 2689% rise within the last month, BONK has revitalized the Solana ecosystem.
BONK emerged in early 2023 as an attempt to rescue the Solana ecosystem when SOL’s price reached $9, and the ecosystem was on the verge of collapse. A group of entrepreneurs launched the BONK token during a period when Solana, including its founder, showed intense interest in BONK due to the FTX agenda, acting as a hero. BONK quickly attracted attention and created FOMO, becoming one of the most talked-about cryptocurrencies. This situation revitalized the Solana ecosystem, and the SOL price rose to $12.
A similar FOMO is being observed again. BONK’s rise signals for SOL, which is currently marking $60. The memecoin that revitalized the Solana ecosystem has set its sights on the peak.
According to CoinMarketCap data, BONK witnessed a 14% increase in trading volume in the last 24 hours. BONK’s 24-hour trading volume reached $138 million. Additionally, BONK reached a market value of $227 million. Rising nearly 20 times since October 21, BONK has formed a peak in terms of price. BONK’s market value was close to $10 million on October 21, but with this surge, it reached $227 million. With an inflated structure in terms of market value, BONK may face selling pressure.
Currently experiencing significant growth and backed by market conditions, BONK is at short-term risk of decline due to the absence of the memecoin frenzy. However, crypto investors continue to show interest in BONK. At this point, BONK may test the resistance level around $0.0000057595 once again. If this region is broken, BONK may reach $0.0000065.
However, if selling pressure increases, the BONK price could pull back to the nearest support level of $0.0000040. Further selling may push BONK to $0.0000035.
