Solana’s dog-themed meme coin, BONK, has experienced a surge of over 27% in the past 24 hours, joining the market’s renewed optimism and the rise of dormant altcoins.
After reaching all-time highs of $0.000004922 on January 5th this year, BONK entered a period of decline and consolidation, remaining within a certain range.
Despite occasional price gains, the token struggled to break out. However, on June 23rd, a rapid surge began, and it has continued to propel BONK upward, hitting intraday highs of $0.000000486.
At the time of writing, BONK has increased by 25% over the previous day, reaching $0.00000041, and has risen by 33% over the past week.
The recent surge in BONK marks a notable break above the daily MA 50, but the sustainability of this upward momentum remains uncertain.
Currently, BONK is down approximately 92% from its all-time highs after experiencing a massive rally earlier this year.
However, the token gained prominence within the Solana ecosystem in January, despite negative sentiment surrounding the blockchain following the FTX exchange collapse.
Furthermore, BONK developers announced the launch of BonkSwap, a native decentralized exchange (DEX) in April. BonkSwap allows users to swap Solana, BONK, and stablecoins, utilizing Solana smart contracts.
A significant portion of fees generated on BonkSwap will compensate locked stakers and liquidity providers, creating potential value appreciation for token holders.
