In the past 24 hours, Solana’s meme coin BONK has recovered by nearly 24%. This increase coincides with a rise in market confidence as numerous sluggish altcoins saw significant gains. On January 5 of this year, BONK reached an all-time high of $0.000004922 before falling and settling into it’s current range. The latest update is that the coin has just surged, rising 25% from the previous day to $0.00000041 at the time of writing.
Locked stakes and liquidity vendors of both Bonk and BonkSwap LP holdings will be compensated with most fees collected on BonkSwap, the decentralized exchange for BONK. This development is anticipated to raise the value of these stakeholders’ assets.
Investors and traders following the cryptocurrency market are interested in the unexpected BONK price increase. This could start a significant rally for BONK, resulting in additional gains over the next few days. It was gathered that the recent changes to the BONK ecosystem had encouraged investors.
As a decentralized exchange, BonkSwap is gaining popularity, and the project is progressing in accordance with its development roadmap. Other meme coins have seen significant price increases. Shiba Inu and Dogecoin have both seen significant price increases during the week.
While discussing the trend, Robert Steinadler, a cryptocurrency price expert with LiteBit, said this pattern might signify that traders are once more looking to meme coins to gain an advantage in the cryptocurrency market.
Investors Move To Make More Money; BONK Makes Significant Impact
Research into the cryptocurrency market behavior said that investors are hoping to make more money on the cryptocurrency market now than ever as the new BONK price has created new optimism among investors.
Steinadler, while reacting to the latest development, explained that while predicting the future of any cryptocurrency can be challenging, recent changes to the BONK ecosystem have given investors cause for optimism.” He advised investors, explaining that positive developments such as BonkSwap’s success and the project’s development roadmap bode well for future gains for BONK.
Both Solana and BONK have been showing positive trends within the week. Solana has gained 34% in the last 48 hours, followed by BONK, which also reciprocated, climbing to 117%. As much as traders are enjoying the current price trend, they also expected BONK to outperform its present price mark.
Research into the recent activity of BONK shows that 50% of it was initially airdropped to eliminate harmful “Alameda-styled tokenomics.” Data from Solana’s decentralized exchange says that the airdrop is also responsible for the increase of over $20 million recorded in the trading volume.
Analysis of the Liquidity Providers (LPs) gained from interacting with BONK, for January 4, 2023, the accurate LPs gained over 999% APR. This is a bit higher when compared to the SOL/USD pair.
While explaining the situation, Nancy Allen from The Coin Republic says that although the current trend looks promising for Bonk token, the huge demand activities may only last for a while. It has also been gathered that a little over a billion Bonk was burned on January 3, 2023.
Latest Solana Price Analysis Shows Strong Stance
The Solana blockchain has witnessed a huge increase in traffic this last week. Key industry stakeholders have tagged this trend as a post-FTX situation. Data from The Coin Republic explained that Solana had an 18.6% increase in user’s activity, while surging by 15.8% in the last 24 hours. Solana coin is trading at $16.65 as of press time, although it witnessed a 2.23% drop a few hours ago.
With the current market capitalization of $6,690,174,321.03, the latest update from CoinMarketCap shows that the Solana market went down by a slightly %1.73. Available data from CoinDesk shows that Solana currently has 399,788,449.22 units in circulation out of a total supply of 550,829,390.05 SOL, a strong indication of a robust purchasing trend. In the last 24 hours, Solana’s trading volume rose by 2.14%, representing $326 million.