BONK, a memecoin primarily based on the Solana (SOL) community, has seen a major worth rise since November. The memecoin’s worth remained stagnant for many of 2023 however has skyrocketed during the last month.
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BONK’s latest rally follows an inventory on Coinbase, some of the vital crypto exchanges. Furthermore, the Solana-based token’s commerce quantity has surpassed rivals similar to Dogecoin (DOGE) and Shiba Inu (SHIB) on Coinbase, exceeding the $30 million mark.
Will the Solana-based memecoin surge additional?
Since January, BONK’s worth has surged by over 6700%, making it one of many best-performing cryptocurrencies in 2023. The token has outperformed the likes of Solana (SOL), which has surged practically 1000%, and Bitcoin (BTC), which has risen by about 160% in the identical time-frame.
Nonetheless, regardless of the latest worth spike, the Solana-based token has confronted a large correction, falling by over 14% within the each day charts, over 40% within the weekly charts, and over 12% within the final 14 days. Nonetheless, the memecoin continues to be up 244.5% over the earlier month.
Also Read: Solana-Based BONK Plunges 40%, Can Santa Fest Spark a Revival?
BONK may proceed to falter, on condition that the token doesn’t have a variety of utility. Furthermore, Dogecoin (DOGE) and Shiba Inu (SHIB) dominate the memecoin house, whose efficiency in 2023 has additionally been lackluster.
In accordance with CoinCodex, the Solana-based memecoin’s worth might consolidate round present ranges. The platform anticipates BONK to achieve $0.00001487 on Jan.1, 2024.
BONK’s latest correction appears to imitate Solana’s (SOL) trajectory. SOL just lately hit a yearly excessive, however the asset’s worth has since dropped. SOL is at present down by over 6% within the each day charts. BONK may even see an increase in worth if SOL picks up momentum. Furthermore, the memecoin might rise once more if we enter a bull run in 2024.
