u.today
Solana dog coin, $BONK, saw a massive jump of over 27% in the last 24 hours as renewed optimism in the market saw a few often dormant altcoins surging.
Following recent high-profile exchange-traded fund (ETF) filings in the U.S., Bitcoin reached its highest level in a year. Recent news regarding BlackRock, Inc.'s surprising application for a U.S. spot Bitcoin exchange-traded fund has revived interest in cryptocurrencies.
Solana dog coin $BONK was not left out of the action, as it made positive moves in the last 24 hours.
Shortly after attaining all-time highs of $0.000004922 on Jan. 5 this year, $BONK saw a decline before settling into a range.
Months of range trading continued for $BONK with occasional price gains, but there was no way to break out of the range. In February, $BONK declined to trade below the daily MA 50 and stayed there.
On June 23, $BONK experienced a rapid surge that continued today, reaching intraday highs of $0.000000486. At the time of writing, $BONK has increased by 25% over the previous day to reach $0.00000041. The token has also risen by 33% during the last week.
The present $BONK move marks another break above the daily MA 50 in weeks; it remains to be seen whether bulls will be able to sustain the ongoing tempo.
Currently, $BONK is nearly down 92% from its all-time highs after an immense rally at the start of the year. $BONK gained the spotlight in the Solana ecosystem in January as sentiment around the blockchain took a hit in the aftermath of the FTX exchange collapse.
In April, $BONK developers announced the launch of its native decentralized exchange (DEX), marking one of the first major releases for the dog-themed token.
Users will be able to swap Solana, $BONK and stablecoins via the DEX called BonkSwap, which will leverage Solana smart contracts. The majority of fees on BonkSwap (80%) will go toward compensating locked stakers and liquidity providers of Bonk and BonkSwap LP positions, which are expected to increase in value for holders.