Bitcoin (BTC) was far from being one of the best-performing cryptocurrencies in 2023. For example, the value of the memecoin Bonk (BONK) rose much faster. The altcoin has been quiet since mid-December, but perhaps BONK is picking up speed again.
Strange Memecoin peaks in 2023
The BONK memecoin takes its name from the dog Shiba Inu from the Dogecoin meme, whose bat makes the sound “bang” when he hits it. They’re not making it up, but the meme still gets a lot of attention among traders. It has only been around since the end of 2022, but only for a few days according to his imagination the coin rose from Thousands of percent.
After that, BONK remained very quiet for months. This changed in October with the launch on certain exchanges and because the memecoin was given away when you bought the Saga smartphone from Solana. The coins contained were then worth more than the phone itself. Measured from the bottom in October, the altcoin rose by almost 20,000% and, at the time of writing, its market value is around $926 million.
BONK rises again with new collaboration
After the all-time high last December, BONK fell again by more than 70%, but since February 5th the coin has started a cautious increase again. Since then it has risen by more than 50%.
The source of this increase is, among other things, the news that one of Europe’s largest fintech companies will allow its customers to trade the memecoin, according to an announcement on the decentralized autonomous organization (DAO) of the memecoin. It is not yet official which company this is. The company has more than 38 million customers in more than 50 countries and has a banking license. British neo-bank Revolut fits this bill and is often mentioned, although it is not yet confirmed whether this is the company.
Additionally, it will help that the crypto market in general is very strong right now. Bitcoin price is at its highest level since the end of 2021 and according to analysts, the market is preparing for the “old season”. Bonk is of course an altcoin and can therefore benefit from the good conditions.
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