This Meme Coin Soars 10% Today, Flipping FLOKI and BRETT: Details

TL;DR

• Bonk Inu (BONK) rose by 10% in price, reaching a market cap of over $1.7 billion and becoming the fifth-largest meme coin.
• It has shown significant growth since its launch in late 2022, with analysts predicting further gains.

BONK on the Move

Most of the leading meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and others, are in the red today (July 2), while the sector lost its momentum gained the previous day. However, not all assets are underperforming, with Bonk Inu (BONK) being one example.

The Solana-based meme coin saw its price rise by 10% on a daily scale while its market capitalization surpassed the $1.7 billion mark. Thus, it flipped Floki Inu (FLOKI) and Brett (BRETT) to become the fifth-biggest token in the cohort.

Multiple analysts noted BONK’s recent progress, envisioning even higher gains in the near future. One popular X user predicted that the asset could turn into “a whole different trade” should it reach the $0.000027-$0.000028 zone.

Another, using the X handle Jakey, thinks that all crypto participants within the Solana ecosystem should have some exposure to BONK:

“BONK arguably played a massive role in the regrowth of the SOLANA ecosystem, dark days with a very uncertain feeling for most. They decide to do something that 0 people would have thought to do, an airdrop that helped many get back on their feet and that reminder of why we came to SOLANA in the first place.”

BONK’s Performance Over the Years

The Solana-based meme coin saw the light of day at the end of 2022 but started making the headlines approximately a year later. In December 2023, its price headed north, while its market cap surpassed the staggering $1.5 billion.

The rapid progress was likely fueled by huge investor interest, support from leading exchanges, and favorable market conditions. Recall that Binance, Bybit, Coinbase, OKX, and many more allowed trading services with the asset.

2024 has been even more successful for BONK, which surged to an all-time high at the end of May. In the past month, though, its price has dipped by 20% (per CoinGecko’s data).