By Key Points
- With a 13 percent increase, Bonk outperforms major cryptos.
- Trading value increases by 132% to $329.16 million.
- Weekly gains for Bonk reached 17.52%.
- Influencer Jakey boosts confidence in Bonk’s role in Solana’s revival.
Bonk, the meme token on the Solana blockchain, has been making waves in the crypto world. In the last 24 hours alone it has surged by an impressive thirteen percent not only beating other meme coins but also Bitcoin and Ethereum which are considered as leading cryptocurrencies.
This move puts it at a weekly gain of 17.52%, thus attracting both traders’ and investors’ attention. The volume of trade for this coin went up by one hundred thirty-two percent ($329.16M), exceeding those with larger market caps such as Cardano or Shiba Inu.
I will forever suggest anyone within the SOLANA ecosystem to hold a bit of $BONK
Take the price up or price down mentality out for 1 second
BONK arguably played a massive role in the regrowth of the SOLANA ecosystem, dark days with a very uncertain feeling for most.
They…
— Jakey (@SolJakey) July 1, 2024
Community Support and Speculative Interest Fuel the Rally
Several factors have contributed to this recent bullish momentum observed around Bonk.
One factor is that it has received support from popular cryptocurrency influencer Jakey who believes strongly in its potential within the Solana ecosystem.
According to him after FTX collapses in 2022, bonking will be needed to revive Solana again hence people should hold onto their tokens until then.
Jakey’s endorsement rekindled interest as well as trust among people towards bonks thereby causing many traders to get back into business again.
Coinglass reported that there was an increased number of long positions taken by traders over the last day showing how much positive feeling they had about future prices going up further.
Now that we’ve seen what optimism can do amongst investors this recent wave of positivity will push further upwards pricing levels for them.
Such kindles more fire under both sides – bears too might start becoming more active while trying to save themselves from being burnt alive because no one wants to lose money when everyone else is making it.
What’s Next for Bonk?
The performance of this token in recent times clearly shows that it has got what it takes to survive within a highly volatile market.
Depending on how many people come out with positive comments about its future then we might see something even bigger happening soon enough.
However, like all other cryptos, there are still many risks involved so one should always be careful before venturing into such kind of industry which seems so unpredictable at times.
