Throughout the previous week, Solana-based memecoin Bonk has emerged because the standout performer amongst rivals. The digital asset noticed a outstanding 150% improve in worth, surpassing the positive factors of Dogecoin, Shiba Inu, Pepe, and Floki Inu, in the end reaching an all-time excessive.
This worth motion has pushed it to the third-largest dog-themed memecoin by market capitalization behind solely Dogecoin and Shiba Inu.
Driving Elements Behind Bonk’s Surge
Bonk was launched final yr and enjoyed high attention earlier in the year earlier than interest waned. Nevertheless, the memecoin has not too long ago skilled renewed curiosity, pushing its worth past earlier heights.
The latest BONK’s worth spike might be attributed to a number of key components. Notably, its itemizing on main cryptocurrency exchanges like Binance and KuCoin has been a major catalyst within the upward motion.
Historically, alternate listings set off worth surges forward of the particular itemizing date. Nevertheless, within the case of BONK, KuCoin’s itemizing got here with further promotional incentives because the alternate provided rewards of as much as $58,000. However, Binance’s listing of BONK derivatives contracts introduced the memecoin to extra crypto merchants.
Moreover, the optimism surrounding the Solana ecosystem has additionally contributed to BONK’s momentum. SOL itself has been a standout altcoin performer this yr. The numerous progress inside Solana’s DeFi sector has propelled Solana-based tokens to outperform their Ethereum counterparts, benefitting BONK compared to Pepe, Floki Inu, and Shiba Inu, all Ethereum-based tokens.
Dogecoin, Shiba Inu, Others Rally Too
Different memecoin like Floki, Pepe, Dogecoin, and Shiba Inu, additionally recorded substantial positive factors in the course of the previous week amid the improved market scenario. Information from BeinCrypto exhibits that these property noticed double-digit positive factors in the course of the week, with a number of analysts highlighting potential upsides for his or her worth.
Learn extra: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run
For context, Ali Martinez, BeInCrypto’s World Head of Information, identified Dogecoin’s impressive price position. Martinez mentioned DOGE’s worth cleared all main resistance ranges and will intention for $0.14.
“With the $0.095 help proving sturdy – due to 63,280 addresses shopping for 3.2 billion DOGE – the trail seems set for an upward journey. If this help stays agency, we might see DOGE aiming for $0.14 subsequent,” Martinez said.
One other skilled crypto analyst Michaël van de Poppe famous that the value of Pepe was gaining momentum. He even went additional to say that Pepe may very well be the “new DOGE” as it could rise towards one other $0.000002 after offering a shopping for alternative.
“[Pepe] exhibits numerous momentum, however I’d wish to see a retest at 1285-1350 after which proceed in the direction of 2000. Shopping for dips on this one is a correct technique at this market stage,” van de Poppe added.
Disclaimer
In adherence to the Belief Venture pointers, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed info. Nevertheless, readers are suggested to confirm info independently and seek the advice of with knowledgeable earlier than making any choices primarily based on this content material.