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Solana dog-coin BONK has seen a 35% price surge, catching the attention of the crypto market. At the time of writing, BONK was up 0.75% in the last 24 hours to $0.00001422 and up 35% weekly.
BONK has been steadily rising since March 21, when it touched bottom lows of $0.00000888. Since March 21, the dog-coin has witnessed four consecutive days of advances, and today might be the fifth if it ends in the green. The rise reached highs of $0.00001486 on March 24 and essentially surpassed the daily SMA 50 at $0.000014, which has capped the BONK price since December 2024.
More intriguingly, the rally has been relatively quiet compared to other major market moves, with no recent major announcements relating to BONK that could spark a price increase.
Solana's breakout meme coin Bonk Inu was created after the collapse of the FTX exchange. It was an immediate hit in late 2023 as speculators sought to benefit from the popular dog-themed token, as Solana emerged from under the cloud that Sam Bankman-Fried’s downfall cast over crypto.
As a result, the dog-coin reached an all-time high of $0.00005916 on Nov. 20, 2024, but has since slowly declined, falling 76% from this peak.
What's going on?
BONK's rise coincides with SOL's price increase and broader crypto market rebound, with meme tokens battered by the recent sell-off showing signs of a revival.
Solana's price jumped as alternative digital currencies outperformed Bitcoin amid a broad-based market rally. Solana, the blockchain favored by issuers of meme coins, had its SOL token rise to 11% on Monday. If Solana closes in the green today, it will have gained five days in a row and is up 20% on the week.
BONK has steadily increased in holders, now approaching the one million mark. This expanding user base reflects strong community support and increasing interest as meme coins gain regulatory clarity.
At the end of February, U.S. Securities and Exchange Commission officials stated that meme coins are not securities. The SEC compared meme coins to collectibles, saying that they have little or no use or functionality and are often accompanied by statements about their risks and lack of utility.