Cryptocurrency Bonk (BONK), a dog-themed meme coin that’s based on Solana (SOL), has risen 300% in the past 30 days amid a broader rally in digital assets.
Other meme coins are also on the rise, with Dogecoin (DOGE) having gained 30% in 2023, and Shiba Inu (SHIB) up 28.3% year-to-date.
The growth in meme coins, which are cryptos that serve no real purpose or function, coincides with a 160% year-to-date increase in Bitcoin (BTC) and an 85% rise in Ethereum (ETH).
Bonk, which was launched in December 2022, has been a standout among meme coins, having gained more than 1,000% since September of this year. It currently trades at a fraction of one cent U.S.
It’s hard to determine the reasons for Bonk’s rally as the trading of meme coins, many of which were started as a joke, is highly speculative.
However, the listing of Bonk on several cryptocurrency exchanges such as Coinbase (COIN) and Crypto.com appears to have been a catalyst for the digital token.
Bonk’s 24-hour trading volume rose above $1 billion U.S. earlier in December, making it one of the most widely traded cryptocurrencies.
Bonk’s growth is also due to a resurgence of interest in the cryptocurrency Solana on which it is based, say analysts.
In 2023, the price of Solana has gained 438% to trade at $87.70 U.S. per token.
