BONK records a weekly price increase of more than 100%.
Bonk (BONK), the first memecoin created on the Solana blockchain, has grown by more than 100% in the last 7 days, according to data from the CoinMarketCap platform.
BONK was trading at around $0,00000027 on Monday. However, at the time of writing, its price has risen to over $0,00000058 per unit, which is an increase of 102,8% in just one week.
Source: CoinMarketCap
What's behind BONK's rise?
One of the reasons that seems to be contributing to Bonk’s recent price surge could be the partnership announced by the memecoin’s developers with the multichain settlement protocol Zebec.
Bonk developers have been constantly emphasizing their vision of launching new developments that will improve the utility of the token and expand its use cases in the blockchain world. In line with this vision, the partnership with Zebec Protocol will allow Bonk to revolutionize on-chain payments and optimize token distribution, according to manifested the protocol.
Also, the conference Solana Breakpoint, which starts today in Amsterdam, seems to be contributing to the rise in BONK prices, due to the optimism generated by the confidence in the upcoming developments that the creators of Bonk will announce during this event.
Through X, Bonk developers announced to their community that new use cases and applications for the token will soon be revealed.
One of the most distributed tokens on Solana
Run Kellen, lead growth engineer at on-chain data platform Flipside, highlighted that BONK has been one of the most active Solana projects over the past 4 months.
According to their data, BONK recorded 266 unique project IDs that have interacted with the token during this period, being surpassed only by Solana’s native cryptocurrency (SOL), the Marinade Finance protocol’s staking token (mSOL), and the stablecoin USD Coin (USDC).
Moreover, over 473.000 unique wallets currently hold BONK, and since its launch, the token has recorded the 4th largest transaction volume on Solana DEXs, the expert said. He also noted that nearly 57% of BONK airdrop recipients in 2022 own the token, which represents the great support it has from the community.
What is Bonk (BONK)?
BONK is the first themed cryptocurrency created on the Solana blockchain ecosystem. This cryptocurrency is inspired by the popular Ethereum memecoins Dogecoin (DOGE) and Shiba Inu (SHIB), which are currently the two most capitalized dog-themed cryptocurrencies in the crypto market.
Like DOGE and SHIB, BONK’s logo is inspired by a Shiba Inu dog, of Japanese origin. The project also has a very committed community of users, which is why its developers consider it “Solana’s main cultural currency.”
Continue reading: Solana presents a project incubator for Web3
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Main image taken from X (formerly Twitter)
