Meme coin mania isn't slowing down.
Solana's dog-themed token BONK hit a new all-time high of $0.00000669 overnight. According to CoinGecko data, the cryptocurrency is now trading at just shy of $0.00000653—a 24-hour increase of 33%.
The most impressive is the increase in the month: the property continues to grow and is now up to 762%.
The token was launched in December 2022, but experienced a surge in interest and price last month. This is at least partly due to investor focus on Solana, the blockchain on which BONK operates.
Solana's own native token, SOL, is now the sixth largest digital asset by market value. Renewed enthusiasm in the Solana ecosystem has caused SOL to explode in value several times over the past several weeks.
SOL hit an all-time high of around $260 in late 2021 – around the same time that other top coins like Bitcoin and Ethereum set their own highs – but recovered sharply after falling to $8 in late 2022.
Fractured crypto exchange FTX has invested in both Solana and projects built on top of it. But when the exchange went bankrupt last year, the union seemed to be pulling Solana more than other coins.
And when the exchange's former CEO (and now convicted felon) Sam Bankman-Fried faced criminal charges, some investors thought the price would drop one more time. But the reverse, such as a short squeeze — when asset prices rose unexpectedly as short sellers exited positions — made SOL one of November's best performers.
Interest in the likes of Visa and Shopify has driven money into the ecosystem. And all this helped the price of BONK, which is very popular.
Meme coins are digital coins and tokens based on internet memes and jokes. They are often very volatile and disappear quickly when they grow into existence.
Although some have stuck around, such as Dogecoin (DOGE) and rival Shiba Inu (SHIB) – they are the 10th and 19th largest digital assets by market value, respectively.
But despite BONK's growth, it still has a long way to go before reaching the heights of multibillion-dollar assets like DOGE and SHIB: with a market cap of $397 million, it's only the 133rd largest digital currency, according to data from CoinGecko.
Edited by Andrew Hayward.
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