Meme coins have become a prominent part of the crypto industry and hardly a market recovery goes by that there isn’t at least one meme coin outshining the crypto market gains. This time around, it is a meme coin on the Solana network that is outperforming the space, leaving behind even the likes of heavy hitters such as Dogecoin, Shiba Inu, and PEPE.
Solana-Based BONK Meme Coin Rises 1,700%
After initially putting on an incredible run earlier this year, the Solana-based BONK meme coin had seemingly faded back into obscurity. The coin’s price eventually fell around 80% of its previous all-time high and traded low for the better part of the year.
However, this bearish run would end in October as soon as the crypto market began to recover once again. The price would eventually go from $0.00000019 toward the end of October to $0.000000768 by the time the month of November began. It was already up 300% by then but the rally was only in its beginning stages.
On Monday, November 20, the BONK price made a new all-time high of $0.00000539 according to data from CoinGecko. This represents an over 1,700% increase from its cycle lows, making it the top-performing meme coin in the last 30 days.
Likewise, BONK has seen a tremendous jump in its trading volume. In mid-October, the meme coin was doing less than $2 million in daily trading volume. However, as of Tuesday, November 21, BONK’s trading volume is sitting above $100 million, up almost 11% in the last day alone. This signifies the renewed interest in the coin, suggesting that the rally was backed up by good fundamentals.
BONK price hits new all-time high | Souce: BONKUSD on Tradingview.com
Dogecoin And Shiba Inu Fall Behind
As the price of the BONK meme coin has surged, other meme coins have not performed as well. While they have seen some good headwinds, they have largely underperformed compared to BONK. To put this in perspective, the price of BONK is down 105.45 in the last week. At the same time, the price of Dogecoin is up only 2.5% in the same time period.
Shiba Inu and PEPE are performing even worse in this timeframe. The former is currently seeing 2.7% losses on the weekly chart, while the latter is down 3.9% in the same time period. Another top meme coin, FLOKI, is down 6.8% as well.
The BONK recovery can be attributed to the price of Solana which is up over 400% this year alone. SOL’s price reached as high as $62 before correcting back downward, and the interest in the token trickled down to other ecosystem cryptos.
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Author: Best Owie
