While the cryptocurrency market has been silent for a while in its rally that started under the leadership of Bitcoin, it is one of the meme coins that attracts attention. BONK It has skyrocketed, rising over 100% in the last 24 hours. Here is the reason for this rise.
BONK, the most trending meme coin on the market, has experienced a significant 116% increase in its market value in the last 24 hours, and this appears to be mainly due to its listing on Coinbase.
Coinbase Announces Listing for Solana-Based Meme Coin, which Skyrockets 2900%!
According to CoinMarketCap data, meme coin, which was previously ranked 69th, rose to 43rd place with its latest upward move.
The strong increase in BONK price can also be attributed to various fundamental factors. In particular, the listing on major cryptocurrency exchanges such as Binance and Coinbase was the most important detail that played a role in gaining upward momentum.
Another factor contributing to the token’s remarkable price performance is the ongoing frenzy surrounding meme coins. Notable assets of this nature, such as Dogecoin (DOGE) and Shiba Inu (SHIB), meme coinIt showed positive monthly gains, although not as significant as those observed in .
The Fear of Missing Out (FOMO) effect is another notable reason for the rise. It seems likely that many investors entered BONK’s ecosystem based solely on price appreciation without doing extensive due diligence.
Finally, the success of the meme coin can be attributed to its relationship with Solana (SOL). Solana has emerged as one of the best-performing coins on the market this year, recording a significant price increase of 650% since January 1. However, many experts in the market warned about the possible change in sentiment and warned not to get caught up in FOMO.