It was another good week for the meme coin BONK and the network it operates on.
BONK looked unstoppable this week – just like it did last week. Dog Themed Meme Coin is trading at $0.00002364 according to CoinGecko. That's a solid 67% increase over the past seven days, and a full 441% increase over the past two weeks. If you had entered the fray a month earlier, you would have made six times your investment back.
Traders in Solana went crazy last month as investors poured money into SOL and its related products.
why? Because people were betting on the fall of the cryptocurrency during the Sam Bankman roasting experiment, but the short squeeze – when the asset price suddenly rises due to the forced buying from short sellers – caused the SOL price to blow up.
The asset still has some juice in its rally: it was up more than 6% last week and is now trading at $74.11, a gain of more than 20% since the beginning of December.
BONK, a token that runs on SOL, has made huge gains due to Solana's run. Coinbase, America's largest crypto exchange, said it will list the token this week.
But other meme coins didn't do as well. Dogecoin (DOGE), the 11th largest digital asset, fell more than 3% in the previous day. During the week, it fell further – by 8% – and is trading at $0.094.
Meanwhile, Shiba Inu (SHIB) saw a 4% heavy downtrend this week. It's still over 17% in two weeks, though.
Other altcoins haven't experienced much price action. But Avalanche (AVAX) is an exception: This week it beat DOGE to become the 10th largest cryptocurrency by market capitalization.
Institutional investors are eyeing the asset after banking giant GP Morgan used Blockchain Onyx's Avalanche blockchain subnet in a proof-of-concept experiment. It's now trading at $41.77, on a strong green calendar: up 3% since yesterday, up 27% over the past week, and up 78% over the past 30 days.
Bitcoin is down nearly 4% over the past seven days and is trading at $42,190, as the approval of a currency-exchange-traded fund (ETF) appears to have calmed down.
Edited by Ryan Ozawa.
Stay on top of crypto news, get daily updates in your inbox.
