During this positive price increase, BONK has become three times larger than the well-known memecoin PEPE Coin. The increase in BONK price coincides with Binance’s announcement that they will now allow trading of this memecoin on their platform.
Bonk is a cryptocurrency based on the Solana blockchain with a focus on community benefit. To be inclusive, half of all Bonk tokens were distributed to Solana users via an airdrop.
The developers’ goal was to offer a more positive and welcoming option compared to other cryptocurrencies with negative or toxic images. Bonk is designed to be a joyful and entertaining project that offers equal opportunities for all involved.
The BONK memecoin, which runs on the Solana blockchain, is causing excitement among cryptocurrency investors, since its value has increased almost 1000% in the last 30 days. Currently, the price of BONK is $0.00002868 and its market capitalization has reached $1.74 billion. Will BONK price continue to increase in the future?
How Has the BONK Price Evolved in Recent Days?
Today, the price of Bonk is $0.00002766, with a trading volume of $847.69 million in the last 24 hours. The market cap is $1.68 billion and Bonk has 0.10% market dominance. Over the last day, the price of BONK increased by 89.81%.
The highest price recorded for Bonk was on December 15, 2023 and reached an all-time high of $0.00003465. It bottomed at $0.000061753 on October 12, 2023. After the all-time high, the lowest price fell to $0.00002577 (low cycle), while the highest price reached after the last cycle low was 0. $.00003162 (high cycle).
The current sentiment on Bonk’s price prediction is bullish and the Fear & Greed index shows a value of 70, reflecting greed. The circulating supply of Bonk is 60.84 billion BONK with a maximum supply of 100.00 billion BONK. In the meme coin sector, Bonk is currently ranked third in terms of market capitalization.
Why Is the BONK Price Rising?
One possible reason for Bonk’s performance could be its partnership with another prominent digital asset. BONK is described as “the first dog-themed memecoin on Solana.” Recently, SOL surpassed $75, reaching a valuation last seen in May 2022. The context of SOL’s success could influence BONK’s performance and popularity.
The main reason for BONK’s price increase is its recent listing on major cryptocurrency exchanges such as Binance and Coinbase. On December 13, Coinbase publicly announced that it would be adding BONK to its platform. This listing aims to give traders and investors the opportunity to take advantage of this new opportunity.
However, Coinbase also advises users to be careful and not prematurely deposit their assets in other networks to avoid potential losses.
Another important development for BONK is its recent listing on Binance, the world’s largest cryptocurrency exchange by trading volume. This trading platform introduced new spot trading pairs for BONK on December 15, including BONK/USDT, BONK/FDUSD, and BONK/TRY.
BONK withdrawals on Binance were possible starting the next day, December 16. This increased accessibility on a major exchange could contribute to the cryptocurrency’s overall market presence and trading activity.
What’s Next for the BONK Course?
BONK is currently showing strong market indicators as its price is above the 200-day simple moving average. This frequent emergence of earnings suggests a sustained bullish trend in the near term.
Overall, there is a favorable market outlook for BONK, as well as the potential for continued positive performance in the near future. January and February 2024 will be crucial for the BONK price to gain more momentum.
By Audy Castaneda
