decrypt.co
The Solana ecosystem is buzzing again, thanks in part to a recent surge in the price of $SOL, which is up by 90% over the last 30 days alone. But now the network’s top meme coin, $BONK, is outpacing even those already dramatic gains.
The price of $BONK has surged 110% over the last week, according to data from CoinGecko, landing at a current price of $0.00000383 as of this writing. Earlier Monday, $BONK hit a new all-time high price of $0.00000539.
It’s clear at a glance that the price has tumbled since the morning peak, and indeed, the drop marks a 29% decline in the span of just 11 hours since hitting that mark. Even so, $BONK is up 1,700% over the past month.
$BONK launched in December when the Solana ecosystem was at a low point following the collapse of crypto exchange FTX, which had been closely associated with Solana. The token was designed as a Solana-based take on dog-themed meme coins like Dogecoin (DOGE) and the Ethereum-based Shiba Inu (SHIB).
In early January, just days after Solana fell to a price of around $8 per coin, the frenzy around $BONK helped reignite enthusiasm among Solana users and developers alike. However, like most meme coins, $BONK’s price swings wildly, making it one of the most volatile crypto tokens out there.
Rumors have been swirling on social media over a potential listing for $BONK on leading crypto exchange Binance, although there’s no substantial proof of such a move. Still, given how susceptible meme coins are to social media sentiment, the speculation alone may be helping $BONK in its recent rise.