BONK price has reached a new all-time high or ATH, rising by over 140% in the past 7 days.
Bonk (BONK) saw an impressive 147% increase this week, becoming the fastest growing memecoin in the crypto market.
According to data from CoinMarketCap, at the time of writing this article, the price of BONK rose to $0,00001468, establishing a new all-time high or ATH since its launch last year.
Since December last year, the price of BONK has grown by more than 12.000%.
Source: CoinMarketCap
Currently, Bonk is ranked as la third most capitalized dog-themed memecoin in the crypto world, after Dogecoin (DOGE) and Shiba Inu (SHIB). Its current market value is over $760 million.
The surge in the token, inspired by the Shiba Inu dog breed, has revived cryptocurrency traders, who have traded nearly $200 million in BONK over the past 24 hours.
What's driving Bonk price this week?
According to analysts, BONK's price is on the rise, driven mainly by its listed on several exchange platforms and also for the General optimism surrounding the Solana ecosystem, which has also experienced a significant recovery since trading at over $13 per unit in December of last year.
Overall, the entire Solana ecosystem, including decentralized applications, has grown significantly in 2023, attracting a significant number of users to the blockchain.
Solana's native cryptocurrency, SOL, has also emerged as the altcoin of choice for investors seeking exposure to the crypto world through regulated investment vehicles. According to CoinShares, SOL has remained week after week as the most The cryptocurrency most in demand by investors.
Source: CoinMarketCap
It should also be remembered that Bonk has an active community of developers and users who drive the growth and expansion of the project. This week, Bonk announced a collaboration with Degen Ape Academy (DAA) to launch a collection of exclusive apes that represent the efforts made this year by the Bonk and DAA communities.
On the other hand, although BONK is the fastest-growing memecoin in the crypto market, other meme-inspired cryptocurrencies such as DOGE, SHIB, PEPE, and FLOKI have also seen substantial growth this week, rising between 20% and 35%, according to the platform.
What is Bonk (BONK)?
Bonk is one of the leading memecoins in the crypto market and the first canine-themed one developed on the Solana network. This cryptocurrency was created with the aim of strengthening the Solana community and returning liquidity to DEX platforms based on this blockchain. The creators of Bonk distributed about 50% of the total supply of the meme cryptocurrency among the crypto community through airdrop, providing a token that could be used in all DApps of this blockchain ecosystem.
The BONK cryptocurrency is inspired by two other memecoins existing on Ethereum, Dogecoin and Shiba Inu, sharing with them the iconic logo of the Japanese Doge dog meme.
Continue reading: Memecoins are the fastest growing sector of the crypto industry
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