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Bonk ($BONK), a dog coin on the Solana ($SOL) blockchain, appears to be making an epic comeback, with trade volume increasing by more than 471% in the previous 24 hours.
The increase in trade volume coincides with the rise in the $BONK price. Typically, increased volatility often leads to increased trading volumes in any market, as experienced traders purchase and sell in huge amounts to maximize profits.
$BONK was trading at $0.00001266 at the time of writing, up 12.04% in the last 24 hours and 22% on the week. Over $305 million worth of $BONK has been traded in the last 24 hours, showing an increase over the prior day.
The volume and price surge of $BONK come amid positive sentiment in the crypto market, as Bitcoin (BTC) and other coins also saw gains. $BONK has been recovering from a slump that started after it reached highs of $0.0000349 in mid-December. Bulls tried a rally in early January, with $BONK reaching highs of $0.000017 before reverting.
The bulls appear to have renewed their attempt to resuscitate $BONK prices as it posts its second day of big gains. $BONK achieved intraday highs of $0.000013 in today's session before encountering a roadblock.
Positive news regarding $BONK appears to be driving its price gain during the last 24 hours. Solana-based Armada has introduced $BONK rewards, which allow users to lock their $BONK tokens to earn rewards from community-built $BONK Eco products like BonkBot, SVB and BONKswap.
Dog coins in the Solana ecosystem are also booming. As previously reported, Dogwifhat ($WIF), a meme coin based on the Solana ($SOL) blockchain, experienced a 30% increase quickly after being listed on major cryptocurrency exchange Bitfinex before reverting its gains. Now, $WIF has recovered, rising roughly 25% in the last 24 hours.