Remember Bonk? The Solana meme coin price is surging

November 10, 2023 02:45 AM AEDT | By Invezz
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Bonk, the forgotten meme coin that made headlines in January is back. Its token price surged by more than 60% on Thursday as cryptocurrencies jumped. It jumped to a high of $0.0000020, the highest point since March this year, giving it a market cap of over $41 million.

Bonk is a memecoin that came to life in January. Its goal was to be a viable alternative to popular meme tokens like Shiba Inu, Dogelon Mars, and Floki Inu. The difference was that it was built in the Solana ecosystem. 

At the time, Solana was a risky cryptocurrency because of its association with FTX, Alameda Research, and Sam Bankman Fried. Today, Solana is one of the best-performing cryptocurrencies this year. It jumped to a high of $50, which was more than 325% above the lowest point this year.

According to SolScan, the number of Bonk holders has been negligible. It has over 474k token holders. However, active holders remains at less than 2,300. This is such a small figure because a single Bonk token trades at  $0.000000933984. In total, Bonk has a market cap of over $78 million, according to CoinGecko.

Bonk price has surged because cryptocurrencies have made a strong comeback. Bitcoin price soared to over $37,000 while Ethereum has moved to $2,000. At the same time, other meme coins have also roared back. Taboo Token price has jumped by 10% in the past 24 hours while Memecoin (MEME) has soared by 15%. Other tokens like Milady Meme Coin (LADYS), Pepe, and Floki Inu have roared.

The main reason for this is that the Federal Reserve pointed to a rate pause in the coming months. Also, the crypto fear and greed index has jumped to the greed zone of 75. In most cases, cryptocurrencies surge when there is greed in the market.

The post Remember Bonk? The Solana meme coin price is surging appeared first on Invezz


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