u.today
Solana dog token Bonk ($BONK) quietly surged to fresh all-time highs in today's trading. $BONK reached an all-time high of $0.00001468, thus entering uncharted territory in its price.
$BONK has been on a tear since December's start, consolidating on a rise that began in early November, right after the formation of a bullish golden cross signal on its daily chart. Bulls had initiated a rise in November after the $BONK price hit support at $0.000000612.
Since December's start, $BONK is set to mark eight out of nine days of gains, with Bonk traders marking profits across multiple time frames.
Bonk is up 213% in the last seven days, according to CoinGecko data. The gains are even greater on a 30-day basis, with $BONK registering a 719% jump in this duration.
The increase in value is mirrored in $BONK's market capitalization, which now ranks 77th largest at $867.5 million. As a result, $BONK has flipped Floki to become the third largest dog-themed cryptocurrency by market cap.
Exciting reasons for $BONK's rise
Several factors contributed to $BONK's stellar performance in recent weeks. The general bullish sentiment in the crypto market fueled by Bitcoin spot ETF anticipation that saw the BTC price reach $45,000 this week might have aided Bonk's ascent.
Second, Bonk is mirroring the optimism in the Solana ecosystem, which saw the SOL token gain 511% on a year-to-date basis.
Third, technically, the rally was spurred on by the emergence of the first golden cross since $BONK's inception.
Fourth, positive exchange listings and developments might have also contributed to $BONK's rise. $BONK's recent listing on KuCoin was commemorated with a promotional reward of $58,000 worth of $BONK for traders and holders.
More recently, esHXRO rewards were airdropped to more than 51,000 $BONK holders. On-chain SPL wallets with a minimum of 10,000,000 $BONK were eligible to receive the esHXRO reward.