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Solana Memecoin BONK Gained 1000% in 30 Days: Will BONK Price Overtake Shiba Inu?

The meme coin BONK, which runs on the Solana blockchain, is causing excitement. Let's take a look at this BONK price article

Prasanna Peshkar

Prasanna Peshkar

December 15, 2023 3:11 PM

Solana Memecoin BONK Gained 1000% in 30 Days: Will BONK Price Overtake Shiba Inu?

The meme coin BONK, which runs on the Solana blockchain, is causing excitement among cryptocurrency investors. It has increased in value by almost 1000% in the last 30 days. Currently, the price of BONK is $0.00002868, and its market value has reached $1.74B. Let’s take a look at this BONK price article in more detail.

During this positive price surge, BONK has become three times larger than the well-known memecoin PEPE Coin. The surge in BONK’s price coincides with the announcement from Binance that they will now allow trading of this meme coin on their platform. 

Bonk is a cryptocurrency built on the Solana blockchain with a focus on community benefit. To make it inclusive, half of all Bonk tokens were given to Solana users through an airdrop. The creators aimed to offer a more positive and welcoming option compared to other cryptocurrencies with negative or toxic images. Bonk is designed to be a lighthearted and enjoyable project that ensures equal opportunities for everyone involved.

How has the BONK price moved in recent days?

As of today, the price of Bonk is $0.00002766, with a trading volume of $847.69 million over the last 24 hours. The market cap stands at $1.68 billion, and Bonk holds a market dominance of 0.10%. In the past day, the BONK price has risen by 89.81%.

The highest recorded price for Bonk was on December 15, 2023, reaching an all-time high of $0.00003465. On October 12, 2023, it hit its lowest point at $0.000061753. After the all-time high, the lowest price dropped to $0.00002577 (cycle low), while the highest price reached after the last cycle low was $0.00003162 (cycle high).

The current sentiment for Bonk’s price prediction is bullish, and the Fear & Greed Index indicates a value of 70, reflecting greed. Bonk’s circulating supply is 60.84 trillion BONK out of a maximum supply of 100.00 trillion BONK. In the Meme Coins sector, Bonk currently holds the third position based on market cap.

Why BONK Price is Up?

A potential reason for Bonk’s performance might be its association with another prominent digital asset. BONK is referred to as “the first Dog-themed memecoin on Solana.” SOL, another leading digital asset, has experienced significant growth this year, with its price surging by more than 600% since January 1. 

Recently, SOL surpassed the $75 mark, reaching a valuation last seen in May 2022. The connection with the success of SOL could be influencing the performance and popularity of BONK.

The main driver behind the surge in BONK’s price is its recent listing on major cryptocurrency exchanges like Binance and Coinbase.

On December 13, Coinbase made a public announcement about adding BONK to its platform. This listing is intended to provide traders and investors with the chance to engage with this emerging opportunity. However, Coinbase also advised users to be cautious and avoid depositing their assets on other networks prematurely to prevent potential losses.

Another significant development for BONK is its recent listing on the world’s largest cryptocurrency exchange by trading volume, Binance. This trading platform introduced new spot trading pairs for BONK, including BONK/USDT, BONK/FDUSD, and BONK/TRY on December 15. 

Withdrawals for BONK on Binance became available from the following day, December 16. This increased accessibility on a major exchange could contribute to the cryptocurrency’s overall market presence and trading activity.

Will BONK Price Overtake Shiba Inu in 2024?

Analyzing the current data for BONK and Shiba Inu (SHIB), several key factors come into play when considering whether BONK will overtake SHIB in 2024. As of now, BONK has a lower market cap of $1.70 billion compared to SHIB’s $5.75 billion, indicating that SHIB is significantly larger in terms of market value. 

While BONK’s recent listing on major exchanges, including Binance and Coinbase, has boosted its accessibility and trading volume, SHIB’s more established position, higher market cap, and lower circulating supply of 589.33 trillion (compared to BONK’s 60.84 trillion) suggest a greater investor base and potentially stronger market stability. 

Additionally, SHIB has been in the market since August 10, 2020, compared to BONK’s release on December 25, 2022. However, BONK’s Fear & Greed Index at 70 (Greed) compared to SHIB’s index may suggest a more positive sentiment among BONK investors. So, the first two months of 2024 will be crucial for BONK’s price to gain more momentum. 

What’s Next for BONK Price?

BONK is currently exhibiting strong market indicators, as its price is trading above the 200-day simple moving average. This suggests a positive trend, emphasizing the cryptocurrency’s sustained upward momentum over a more extended period. 

Additionally, the recent performance of BONK is marked by 17 green days in the last 30 days, constituting a substantial 57% of positive trading sessions. This frequent occurrence of gains signifies a consistent bullish trend in the short term. 

Moreover, BONK’s high liquidity, as evidenced by its substantial market capitalization, underscores the coin’s attractiveness to traders and investors, providing ample opportunities for buying and selling with minimal price slippage. Overall, these factors contribute to a favorable market outlook for BONK, highlighting its potential for continued positive performance in the near term.

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Prasanna Peshkar
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Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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