Bonk (BONK), a meme coin based on the Solana network, has seen a significant increase in value recently, surging by 10%. This surge has outperformed other popular meme coins within the top 100 cryptocurrencies.
As of the latest data, BONK has risen by 8% in the past 24 hours and is currently trading at $0.000025. Its market capitalization is now at $1.77 billion, making it the 52nd largest cryptocurrency according to CoinMarketCap.
In addition to the price increase, BONK’s daily trading volume has doubled to around $350 million. Despite this surge, the token is still 44% below its all-time high of $0.000047, which was reached on March 4.
Initially starting as a dog-themed meme coin, Bonk has expanded its utility to include decentralized finance (DeFi) integration and collaboration with cross-chain communication protocols, NFT marketplaces, and other crypto ecosystems. The token is now listed on major exchanges like Binance, Coinbase, OKX, and Bitstamp.
The recent spike in BONK’s value can be attributed to the BONK x Helio Pay treasure hunt event in London. This event, organized in partnership with Moonwalk Fitness, involves participants finding nine QR codes placed at various iconic locations in the city. Participants have the chance to win 69 million BONK, as well as other prizes like merchandise, beer, and food.
Traders are optimistic about BONK’s future performance, with technical indicators showing bullish trends. According to trader Vlad Hryniv, the 4-hour technical indicators for BONK/USD are signaling a potential shift in momentum, with indicators like the MACD, RSI, Klinger Oscillator, and Awesome Oscillator pointing towards positive momentum.
While BONK is on the rise, other dog-themed meme coins like Dogewhifhat (WIF), Dogecoin (DOGE), and Shiba Inu (SHIB) have seen declines in the past 24 hours. The overall cryptocurrency market is also experiencing a slight downturn, with a 1% decrease in market capitalization to $2.31 trillion. Bitcoin, the leading cryptocurrency, has dropped by 1% in the last 24 hours and is currently trading at $62,581.
Overall, BONK’s recent surge in value and positive technical indicators suggest that the token could be on the verge of a significant breakout. Keep an eye on BONK as it continues to make waves in the crypto market.