As a remarkable development in the cryptocurrency market, meme coin bonk The price of (BONK) increased by over 35%, increasing its market value to $2 billion. This significant increase demonstrates the growing popularity of meme coins and their impact on the overall cryptocurrency market. Inspired by the success of other meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), Bonk quickly gained traction following its launch on the Solana blockchain. According to CoinMarketCap data, BONK’s market cap is currently $2.04 billion. This makes it the 55th largest cryptocurrency by market cap.
The broader cryptocurrency market, Bitcoin It is experiencing a positive mood with major coins such as (BTC) and Ethereum (ETH) showing strength. This overall bullish trend has also spread to altcoins and meme coins, including BONK.
Cryptocurrency prices reversed last week’s negative outlook, rising on positive signs about the possibility of U.S. approval of exchange-traded funds (ETFs) that invest directly in Ethereum.
This rise in the market is reminiscent of investor excitement ahead of the launch of Bitcoin ETFs. On-chain analytics firm Santiment cites the enthusiasm around Ethereum’s first ETF as the main reason for one of crypto’s five best days in 2024, highlighting Bonk’s remarkable price surge.
At the time of writing, BONK is up 28% in the last 24 hours to $0.00003217 and has gained 38% in the last seven days. After dropping to a low of $0.0000214, BONK has been rising steadily since May 13 and peaked at $0.0000345 in today’s trading session. BONK’s 24-hour trading volume increased by 280% to $1.34 billion.
According to Kaiko, meme tokens continue to show resilience after trading volumes reached a multi-year high of $71 billion in mid-March. meme coin‘s trading volume remains strong, with weekly volume up more than 200% to date.
