Meme cash have turn into a distinguished a part of the crypto business and hardly a market restoration goes by that there isn’t at the very least one meme coin outshining the crypto market positive factors. This time round, it’s a meme coin on the Solana community that’s outperforming the area, forsaking even the likes of heavy hitters reminiscent of Dogecoin, Shiba Inu, and PEPE.
Solana-Based mostly BONK Meme Coin Rises 1,700%
After initially placing on an unbelievable run earlier this yr, the Solana-based BONK meme coin had seemingly pale again into obscurity. The coin’s worth ultimately fell round 80% of its earlier all-time excessive and traded low for the higher a part of the yr.
Nonetheless, this bearish run would finish in October as quickly because the crypto market started to recuperate as soon as once more. The value would ultimately go from $0.00000019 towards the top of October to $0.000000768 by the point the month of November started. It was already up 300% by then however the rally was solely in its starting levels.
On Monday, November 20, the BONK worth made a brand new all-time excessive of $0.00000539 based on knowledge from CoinGecko. This represents an over 1,700% improve from its cycle lows, making it the top-performing meme coin within the final 30 days.
Likewise, BONK has seen an amazing soar in its buying and selling quantity. In mid-October, the meme coin was doing lower than $2 million in each day buying and selling quantity. Nonetheless, as of Tuesday, November 21, BONK’s buying and selling quantity is sitting above $100 million, up nearly 11% within the final day alone. This signifies the renewed curiosity within the coin, suggesting that the rally was backed up by good fundamentals.
BONK worth hits new all-time excessive | Souce: BONKUSD on Tradingview.com
Dogecoin And Shiba Inu Fall Behind
As the worth of the BONK meme coin has surged, different meme cash haven’t carried out as effectively. Whereas they’ve seen some good headwinds, they’ve largely underperformed in comparison with BONK. To place this in perspective, the worth of BONK is down 105.45 within the final week. On the similar time, the worth of Dogecoin is up solely 2.5% in the identical time interval.
Shiba Inu and PEPE are performing even worse on this timeframe. The previous is presently seeing 2.7% losses on the weekly chart, whereas the latter is down 3.9% in the identical time interval. One other prime meme coin, FLOKI, is down 6.8% as effectively.
The BONK restoration might be attributed to the worth of Solana which is up over 400% this yr alone. SOL’s worth reached as excessive as $62 earlier than correcting again downward, and the curiosity within the token trickled right down to different ecosystem cryptos.
