Solana Passes, BONK Meme Coin Soars 110% In A Week

BONK meme coin past SOL. (Photo; Doc. Coin Republic)

JAKARTA - Solana, a blockchain network that offers high speed and scalability, has again attracted the attention of the crypto market. One of the factors is the increase in the price of the SOL cryptocurrency, which is Solana's original asset, by 90% in the last 30 days.

Even so, there is another coin that even beats SOL's achievements, namely BONK. BONK is the top meme coin in the Solana network, inspired by other popular meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) running on Ethereum.

Data from CoinGecko shows that the price of BONK has increased 110% in the past week, hitting a level of $0.00000383 on Tuesday, November 21, 2023. The day before, BONK had set a new record high of $0.00000539 (Rp83.13).

BONK prices then experienced a 29% correction in 11 hours, but still rose 1.700% in the past month. The increase in BONK prices shows a high interest in meme coins on the Solana network, which offers lower transaction fees and faster confirmation times compared to Ethereum.

BONK was launched in December 2023, when the Solana ecosystem was in shock due to a system failure incident on the FTX crypto exchange, which is one of Solana's main supporters. BONK is designed as a fun and inclusive meme coin, with the aim of building a strong and loyal community on the Solana network.

In early January 2023, BONK managed to attract the attention of Solana users and developers, who began to bounce back after SOL recovered from price drops. However, BONK also has high volatility, just like other meme coins, which puts it at risk for investors who are not ready to face market fluctuations.

Recently, there have been rumors circulating on social media that BONK will soon be listed on the world's largest crypto exchange, Binance. However, there has been no official confirmation from Binance or the BONK team regarding this matter. However, these rumors may have prompted the movement of BONK prices, which are heavily influenced by social media sentiment.