It was another great week for meme coin Bonk (BONK) and the network that runs it.
BONK looked as unstoppable this week as it did last week. According to CoinGecko, the dog-themed meme coin is trading at $0.00002364 at the time of writing. That’s a solid gain of 67% over the past seven days, and a full 441% rise over the past two weeks. If you had entered this fight a month ago, you would have made back more than six times your investment.
Traders have been excited about Solana over the last month as investors poured money into SOL and related products.
why? In the Sam Bankman-Fried trial, people were betting on a cryptocurrency crash, but a short squeeze (when an asset’s price unexpectedly surges due to forced purchases by short sellers) caused the price of SOL to skyrocket.
This asset is still on the rise. It has risen more than 6% over the past week and is currently trading at $74.11, up more than 20% since early December.
BONK, the token running on SOL, has experienced huge gains due to Solana’s implementation. Coinbase, the largest U.S. cryptocurrency exchange, also announced that it would list tokens this week.
But other meme coins also failed to do so. Dogecoin (DOGE), the 11th largest digital asset, has fallen more than 3% over the past day. During the week, the price fell another 8%, trading at $0.094.
Meanwhile, Shiba Inu (SHIB) plunged 4% later this week. But it’s still up more than 17% in two weeks.
Other altcoins did not see much price movement. However, Avalanche (AVAX) is an exception. This week it surpassed DOGE to become the 10th largest cryptocurrency by market capitalization.
Institutional investors are eyeing the asset after banking giant JP Morgan’s blockchain Onyx used the Avalanche blockchain subnet in a proof-of-concept trial. Currently trading at $41.77, it remains in the green throughout the calendar. It’s up 3% since yesterday, up 27% since last week, and up 78% over the past 30 days.
Bitcoin has fallen nearly 4% over the past seven days and is trading at $42,190 as the hype surrounding the approval of exchange-traded funds (ETFs) appears to have died down.
Edited by Ryan Ozawa.