The Solana dog coin, BONK, has experienced a significant surge of over 27% in the past 24 hours, riding on renewed optimism in the cryptocurrency market.
As high-profile exchange-traded fund (ETF) filings and positive news surrounding Bitcoin continue to dominate headlines, altcoins like BONK are also enjoying a boost in momentum.
After reaching all-time highs of $0.000004922 in January, BONK entered a period of range trading with occasional price gains but struggled to break out.
However, on June 23, a rapid surge occurred, pushing BONK to intraday highs of $0.000000486. As of now, BONK has recorded a 25% increase in the last 24 hours, trading at $0.00000041.
Over the past week, the token has risen by 33%. While this marks a significant breakthrough above the daily MA 50, the sustainability of this momentum remains uncertain.
BONK gained prominence within the Solana ecosystem in January, amidst concerns surrounding the blockchain ecosystem following the collapse of the FTX exchange.
In April, BONK developers announced the launch of their native decentralized exchange (DEX) called BonkSwap, which became a major milestone for the dog-themed token.
BonkSwap enables users to swap Solana, BONK, and stablecoins, leveraging Solana’s smart contract capabilities. Notably, 80% of the fees generated on BonkSwap will compensate locked stakers and liquidity providers, creating potential value appreciation for token holders.
While BONK is currently trading approximately 92% below its all-time highs, the recent surge signifies a renewed interest and potential for growth.
The ongoing momentum, coupled with the development of BonkSwap and the Solana ecosystem, could present further opportunities for BONK to regain its previous highs.