Most major meme coins have cooled their rally—though one “dog coin” is flying: Solana-based BONK.
The dog-themed token has exploded in value over the past 24 hours and is currently trading for $0.00001033, a nearly 35% rise in value in a day—making it the best-performing digital asset. It hit another all-time high today.
And over the week, it’s up over 162%, CoinGecko shows.
The token was launched a year ago but interest in it really surged last month when investors flocked back to Solana, the blockchain it runs on.
Solana is the blockchain behind the sixth biggest cryptocurrency, SOL. Investors are interested in Solana and its native coin SOL again because the network is cheaper and faster than others in the crypto industry. And as such, there’s a lower barrier to entry for things like DeFi and NFT trading compared to what similar activity will cost on Ethereum, the leading network for on-chain action.
Last month, SOL was one of the best-performing cryptocurrencies as hype around the asset combined with a short squeeze—when the price of an asset shoots up unexpectedly due to forced buying from short sellers exiting their positions.
BONK is just one of the new projects built on Solana. It is one of the many meme coins in existence: coins and tokens based on internet memes which shoot up in value very quickly (but can disappear just as rapidly).
As Bitcoin, the biggest digital asset, has surged this month and last, meme coins have experienced a resurgence as investors look to make quick gains on low market-cap, high-volume risky assets.
But what goes up must eventually come down, and most major meme coins are experiencing that today.
Dogecoin (DOGE), the biggest meme coin with a market cap of $13.6 billion, has dropped in the past day by nearly 5%. It is currently priced at $0.096.
Meanwhile, Shiba Inu (SHIB) has lost close to 3% of its value, and Pepe (PEPE) is down by 2%.
All three, though, are up significantly over the past seven days: PEPE has soared by 41%; DOGE by 17%; SHIB has gained over 19%.
It’s yet another sign that crypto traders are feeling bullish once again.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
