Meme coins, which are popular cryptocurrencies often inspired by internet jokes, have seen their fair share of volatility over the years. After the hype died down briefly in 2022, a new one, issued on Dec. 25, is now outperforming other coins on the market. BONK, which is a Solana-based, dog-themed token, was up 3,174.2% this week as of Thursday, according to CoinGecko data, and rose 29.6% in the past 24 hours. To compare, bitcoin
BTCUSD,
-0.01%,
which is currently at $16,855, saw a price increase of 0.30% over the past 24 hours, and Ethereum
ETHUSD,
+0.05%,
at $1,252, saw its price increase 0.06% in the past 24 hours, indicating that the prices of both have stabilized.
The BONK token was airdropped to Solana
SOLUSD,
-0.07%
nonfungible token holders, and it quickly led to hype around the token. Several Solana projects have now integrated Bonk tokens for use as payments for NFTs. As a result, Solana, which saw its price tumble 94% in December, is trading up 5.82% in the past 24 hours, according to CoinMarketCap data. Solana had been volatile and struggling for a number of reasons, including the collapse of one of its prominent backers, FTX. As of Thursday evening, BONK had a market cap of $167,831,840, according to CoinMarketCap data, and so far there have been over 4 million transaction of the coin, according to Dune Analytics.
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