© Reuters. This Solana-Based Meme Coin Just Reached All-Time Highs, Leaving Dogecoin, Shiba Inu In The Dust
Benzinga – BONK (CRYPTO: BONK), the dog-themed meme coin on the Solana (CRYPTO: SOL) network, reached a new all-time high of $0.0000066 on Monday.
What Happened: At the time of writing, BONK was trading an impressive $0.0000061, representing a 24-hour increase of 12%. Meanwhile, Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) were up 2-4% each.
In the last 30 days, BONK witnessed a 750% increase. This growth can be attributed to the heightened investor interest in Solana, the blockchain platform underpinning BONK’s operations.
The surge also comes as KuCoin, a crypto exchange, also listed BONK via the BONK/USDT trading pair. In the last 24 hours, BONK’s trading volume has jumped over 270% reaching $182 million.
Parallel to BONK’s success, Solana has ascended to become the sixth-largest cryptocurrency by market capitalization. SOL is still recovering from its fall from an all-time high of nearly $260 recorded in late 2021—a peak period for cryptocurrencies, including frontrunners Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Even with its tumble to a low near $8 in late 2022, SOL has since made a comeback.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meme coins are typically born from internet memes or humorous concepts. However, certain meme coins, such as Dogecoin and its competitor Shiba Inu, have secured their spots as the 10th and 19th largest cryptocurrencies by market capitalization, respectively.
Image Via Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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