Is BONK the New Meme King of Crypto? Trading Volume Surges, DOGE & SHIB Left Behind

The cryptocurrency world can be brutal sometimes, which is why BONK’s swift climb stands out so much. Starting from a lesser-known status, BONK has now reached the 44th position among global cryptocurrencies. An interesting feat? BONK’s trading volumes on Coinbase have even surpassed renowned tokens like Dogecoin and Shiba Inu, accumulating a notable $33 million.

So, what’s driving BONK’s success? Let’s explore.

From Fun Meme to Serious Player

A turning point for BONK was its listing on Coinbase. This significant move often boosts a token’s value. But BONK’s story is more than just a listing. It’s about transforming from a meme-based coin to a key player within Solana’s ecosystem. This shift is evident in its involvement with various projects and its growing role in NFT transactions.

Also Read: Solana Saga Phones Sell Out for $5000, Thanks to Meme Coin BONK

Value Surges & Influence Grows

BONK’s reach expanded further with its involvement in Coinbase’s experimental program and its connection with Binance’s trading pairs. Such strategic decisions boosted BONK’s prominence and value. Post its debut on Coinbase, BONK’s price surged by more than 40%. Such growth aligns with trends seen in tokens upon joining Coinbase, showcasing BONK’s rising credibility and investor interest.

At present, BONK is positioned as the 79th most traded cryptocurrency, boasting a market cap of $937 million and a trading price of $0.00001549. It has outperformed competitors like SHIB and is closely trailing others such as Pepe, GALA, and The Sandbox (SAND). Moreover, BONK’s success has contributed significantly to Solana’s recent progress, particularly amidst challenges faced by Sam Bankman-Fried.

Read More: Top 10 Meme Coins To Invest In 2024

Challenges Persist

However, the crypto journey isn’t without hurdles. Currently, BONK’s price stands at $0.00001585, marking a slight decrease of 1.93% in the past 24 hours. The immediate task for BONK is to find solid support below $0.0000175, with a key level at $0.0000155. Should BONK fail to maintain this support, it might experience further decline. While the RSI indicator points towards a possible recovery, the MACD indicator suggests caution regarding BONK’s short-term path.

Despite BONK’s impressive growth, experts highlight a potential dependency on Solana’s performance rather than its unique qualities. This close association with Solana, known for its price variations, raises concerns among investors tracking meme coins.