Memecoins are in demand again now that the crypto market is waking up, and these are primarily digital coins with a dog motif.
The prices of rivals Dogecoin (DOGE) and Shiba Inu (SHIB) are rising rapidly today, but BONK (BONK) is rising even faster.
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BONK crypto rises 1,000% to a new record
BONK is a memecoin related to Shiba Inu, but unlike its competition, it is located on the Solana (SOL) network.
The price of BONK is already up more than 20% today and more than 76% in the last 7 days. What’s even more striking is that BONK is actually up a whopping 1,000% in the last month.
As a result, BONK achieved a new result a few hours ago All-time high of $0.0000085 and a market cap of approximately $480 million. This means BONK is now the third largest “dog coin” on the market, overtaking competitors such as Floki (FLOKI) and Babydogecoin (BABYDOGE). In terms of market capitalization, it is still far behind DOGE and SHIB.
The $BONK The chart is so crazy lol
Could be a good sign for meme coins in general. pic.twitter.com/uU9b4WGuHQ
— Byzantine General (@ByzGeneral) December 4, 2023
Great interest, but also risk with memecoins
The trading volume also shows that BONK is currently very popular. BONK has already reached a volume of more than $85 million today. This is no less than ten times higher than a month ago.
According to data from Coinglass, BONK is also currently attracting the attention of derivatives traders. The so-called open interest (OI), i.e. the total number of unfinished futures and options contracts, is currently almost $100 million. This is also ten times higher than a month ago.
BONK was originally launched as a memecoin, but the digital currency is now enjoying strong adoption on the Solana network. Several projects use BONK as a payment method, especially in combination with NFTs on Solana.
However, keep in mind that these types of memecoins are known for their extreme volatility even compared to other cryptocurrencies. In practice, this often means that the prices of these types of currencies can fall just as quickly as they have risen.
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