Memecoins
Bonk Outperforms Meme Segment With 7% Increase, Parent Channel Solana Continues to Stay in the Green
Popular dog-themed token Bonk BONK/USD emerged as one of the best performing memecoins on Tuesday, while the native currency of its parent blockchain, Solana SOL/USD also traded in the green.
What happened: Bonk’s price has jumped more than 7% in the past 24 hours, bringing its week-to-date gains to 27%. The dog cryptocurrency recorded a 24-hour trading volume of $390 million.
Meanwhile, the fifth-largest cryptocurrency, Solana, gained 1.86% over the past 24 hours, mirroring the trajectories of Bitcoin BTC/USD and Ethereum ETH/USD. SOL recorded a trading volume of $2.27 billion.
See also: Trader Calls Solana ‘More Liquid and Stronger Runner’; Analyst Predicts Final Deadline for SOL ETFs Will Be March 2025
Why is this important: BONK’s latest bullish pivot effectively erased all losses incurred during last week’s market bloodbath. Over the month, the memecoin was still down 10%.
However, a well-known cryptocurrency analyst, known by the pseudonym, The world of mapshas planned a doubling of the Solana-based token in the coming days.
Another well-known analyst, The CryptoBulldescribed BONK as the “most obvious coin to pump from here,” with other memecoins following suit.
Price action:At the time of writing, BONK was trading at $0.00002564, while Solana was trading at $140.42, according to Benzinga Pro data.
Image via Shutterstock
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