The current meme coin, Bonk (BONK), and the blockchain it runs on continue to attract significant investor interest. According to CoinGecko, Solana-based BONK is currently the best-performing cryptocurrency and has surged 101% in the last 24 hours.
The dog-themed token trades for $0.00002913. It is up over 130% in the last 7 days.
And over the past month, the token’s value has surged 988%. Meme coins (volatile coins or tokens based on internet jokes or memes) continue to soar, consistently hitting new all-time highs. On Friday morning, BONK surged to a new all-time high of $0.00003416 before falling.
BONK’s price surge has created surprising new demand for the Solana Saga smartphone, which launched in April but seemed to have only moderate demand. The price of the phone dropped to $599 in August, but the price of BONK, which is quickly rising to match the price of the phone itself, skyrocketed this week when Solana fans realized Saga owners could claim an airdrop of 30 million BONK.
Now that much BONK is worth about $865, which is more than the price of the smartphone itself. Solana founder Raj Gokal said Thursday that sales jumped 10 times In the last 48 hours and Solana Labs Announced on Friday morning The phone is completely sold out in the US. Some devices are still available in Europe, but obviously things are moving quickly.
BONK’s recent boom is at least partially due to renewed interest in Solana and its native coin, SOL. Since November, investors have been buying up the sixth-largest cryptocurrency, sending its price soaring.
Like BONK, projects running on Solana have similarly surged in value and earned even larger profits. The token was launched last December and was widely airdropped to fellow Solana developers, project creators, and collectors, and has skyrocketed since then.
This token is currently the 47th largest cryptocurrency by market capitalization. This means that those holding BONK tokens will now benefit enormously. In fact, developers who received 25 billion BONK coins last Christmas, then worth only about $300, would now have about $715,000 worth of tokens if they held on to them all.
SOL is one of the only top 20 cryptocurrencies currently showing an upward trend. The asset has surged more than 6% over the past day and is trading above $76. It topped $79 on Friday morning, hitting a 2023 high.
The rest of the cryptocurrency market was generally slightly lower. Bitcoin has fallen more than 1% in 24 hours and is priced at $42,121.
Ethereum, the second-largest cryptocurrency, is down nearly 2%, trading at $2,241.
Aside from Avalanche (AVAX), which rose nearly 6% in 24 hours, other major coins and tokens also fell. The asset gained attention last month after investment bank giant JP Morgan announced it would use blockchain to tokenize the asset.
Editor: Andrew Hayward
