- With a 15% increase in value over the past day, Solana-based meme coins Bonk (BONK) and Floki (FLOKI) have outperformed the majority of other well-known meme coins.
As of this writing, BONK was trading at $0.000022, up 17%. With a market capitalization of $1.53 billion at present, the cryptocurrency ranks 56th in terms of size according to CoinMarketCap data.
Over the previous day, the daily trading volume of the token increased to around $300 million. But even after reaching its all-time high of $0.000041 on May 29, BONK is still down 46%.
A new wave of meme coins propelled Solana higher in 2023, propelling Bonk, a meme token, to prominence.
It started out as just another meme coin with a dog motif but over time it has evolved to incorporate interaction with decentralized finance (DeFi). The project also integrates NFT marketplaces, other crypto market ecosystems, and cross-chain communications protocols.
Popular exchanges including Binance, Coinbase, OKX, and Bitstamp now list BONK trading pairs.
In the meantime, the price of Floki, another meme coin with a dog theme on the Solana blockchain, has increased by 15% in the past day. With a daily trading volume of $301 million, the cryptocurrency asset, which is currently trading at $0.000172, has a market valuation that is almost equal to $1.64 billion.
The Floki spike happened after a whale known as “0x403” staked 14 billion FLOKI coins, which are worth about $2.36 million.
The whale’s decision to put up such a big wager is seen as a clear endorsement of Floki Inu’s future prospects. Because of staking, these tokens become scarcer by being taken out of circulation. The price may increase due to supply and demand since there are less FLOKI tokens available.
Dogwhifhat (WIF) and Dogecoin (DOGE), two other prominent canine-themed meme coin players, had gains of 15% and 2%, respectively, over the previous day. In the same period, Shiba Inu (SHIB) was seen to have decreased by 0.22%.
The global cryptocurrency market, with a market capitalization of $2.24 trillion, is still in disarray following a 1.4% decline.
With a 3.36% decline in the last day and a current trading value of $60,670, Bitcoin, the largest cryptocurrency in the world by market capitalization, is displayed in red.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
