Bonk (BONK), the dog-themed memecoin built on the Solana blockchain has hit the $2 billion market capitalization mark. The notable achievement occurred after BONK soared dramatically in price by over 17% in the past 24 hours.
The Meteoric Rise of BONK
Bonk’s market value, as per CoinMarketCap data, soared as high as $2.04 billion, making it the 55th largest cryptocurrency. The digital asset, modeled after other dog coins like Shiba Inu (SHIB) gained acceptability among community members after its launch on the Solana blockchain.
Notably, BONK has experienced significant gains, rising by 28% in the last 24 hours to $0.00003217 and 38% over the past week. This surge follows a low of $0.0000214 on May 13. Ever since, the memecoin took a bullish trajectory and reached highs of $0.0000345 in recent trading sessions.
![BONK 1D Chart](https://crypto-vanguard.com/wp-content/uploads/2024/05/BONK_1D_graph_coinmarketcap-2.jpeg)
Meanwhile, the 24-hour trading volume for BONK skyrocketed by 215%, hitting $1.36 billion. These positive indices according to market watchers is due to a broader positive market sentiment in the cryptocurrency space.
Aside from BONK, other tokens profiled in the VanEck Memecoin Index and altcoins in general recorded bullish trends. This same trend was recorded for major coins like Bitcoin (BTC) and Ethereum (ETH).
Overall, the crypto community is upbeat about the possibility of the U.S SEC’s approval of spot Ethereum ETF this week. This catalyst is responsible for the broad market resurgence.
Market Sentiment and Analysis
Santiment, an on-chain analytics firm attributes BONK’s spectacular price performance to the market excitement around the potential Ethereum ETF approval, marking one of the top five days for cryptocurrencies in 2024.
As for Kaiko, a crypto data provider, since mid-March when trade volumes attained multi-year highs of $71 billion, meme tokens have continued to demonstrate a resurgence in performance. Interestingly, memecoin trading volumes has increased by over 200% year to date.
Despite their remarkable performance, not everyone is positive about the traction memecoins are gaining in the crypto space. A section of the community views memecoins such as BONK, Shiba Inu, and Dogecoin as technically unattractive.
Regardless of sectional bias, the BONK community is thrilled at the remarkable climb and is optimistic about the sustained bullish trend.
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