Crypto: What is BONK, and why is its price up 3,174% this week?

by | Jan 5, 2023 | Stock Market

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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