Will BONK Flip Shiba Inu (SHIB)? Arthur Hayes Chips In

TL;DR

1. Arthur Hayes’ Highlight on $BONK: BitMEX co-founder Arthur Hayes praised Bonk Inu ($BONK) on Twitter, suggesting it could surpass Shiba Inu. $BONK’s market cap stands at about $1.2 billion, compared to $SHIB’s nearly $6 billion.
2. $BONK’s Growth Factors: ChatGPT indicates $BONK could potentially overtake $SHIB by building a strong community and maintaining hype. Its market cap recently reached over $2 billion.
3. Key Drivers of $BONK’s Surge: $BONK’s 600% price increase in 30 days could be linked to its association with Solana and listings on major exchanges like Binance and Coinbase.

$BONK’s Chances

The recent sensation in the cryptocurrency market – Bonk Inu ($BONK) – seems to have caught the attention of Arthur Hayes (co-founder of crypto exchange BitMEX). He took it to X (Twitter) to praise the memecoin’s valuation performance by presenting a particular chart showing its rapid price swings.

Hayes went further, evisioning the Solana memecoin surpassing Shiba Inu and becoming the second-biggest digital asset of that type.

Let’s do the damn thang.$BONK > $SHIB

🫡🫡🫡🫡🫡🫡 pic.twitter.com/ZQB1WecBEl

— Arthur Hayes (@CryptoHayes) December 17, 2023

Despite its price explosion in the past several weeks, $BONK’s current market capitalization of around $1.2 billion (per CoinGecko’s data) is far from $SHIB’s almost $6 billion. However, the distance was not that huge a few days ago when the former’s market cap exceeded the $2 billion mark.

According to ChatGPT, $BONK has a chance to flip Shiba Inu, but such an event depends on numerous factors. The AI-powered language model estimated that the Solana memecoin should build a solid community and match the one that $SHIB has already established. It must also maintain the hype surrounding its name and perhaps receive endorsement by influential figures.

What Stands Behind $BONK’s Surge?

$BONK has experienced a massive price increase of over 600% in the past 30 days, making it one of the top-performing assets in the entire realm. One element that could have prompted such a rally is the asset’s connection to Solana.

The latter has gone through a highly successful year (so far), jumping from a mere $10 on January 1 to almost $80 last week.

Another factor playing a role in $BONK’s advancement could be the support from leading cryptocurrency exchanges. Recall that two of the biggest trading venues by market volume – Binance and Coinbase – listed the memecoin on their platforms.