Most major meme coins cooled their gains. But one “dog coin” is flying: Solana-based BONK.
The dog-themed token has exploded in value over the past 24 hours and is currently trading at $0.00001033, up nearly 35% in value in a single day, making it the best-performing digital asset. It hit an all-time high again today.
And it’s up more than 162% over the week, CoinGecko shows.
The token launched a year ago, but interest in it has surged in the past month as investors flock back to it. SolanaThe blockchain on which it runs.
Solana is the blockchain that underpins SOL, the sixth largest cryptocurrency. Investors are showing renewed interest in Solana and its own coin, SOL. This is because the network is cheaper and faster than other networks in the cryptocurrency industry. Therefore, the barriers to entry for activities such as DeFi and NFT trading are low compared to the costs of similar activities. EthereumThe leading network for on-chain activities.
Last month, SOL was one of the best-performing cryptocurrencies due to a combination of hype around the asset and a short squeeze (when the price of an asset unexpectedly surges due to forced purchases by short sellers exiting their positions).
BONK is just one of the new projects built on Solana. This is one of the many meme coins that exist. Coins and tokens based on internet memes can increase in value very quickly, but they can also disappear just as quickly.
The biggest digital asset, Bitcoin, has soared this month and last month, sparking a resurgence in meme coins as investors look to make quick profits in the low-market-cap, high-trading-volume risky asset.
But what goes up must eventually come down, and most major meme coins today are experiencing that.
Dogecoin (DOGE), the largest meme coin with a market capitalization of $13.6 billion, is down nearly 5% over the past day. The current price is $0.096.
Meanwhile, Shiba Inu (SHIB) lost nearly 3% in value, and PEPE fell 2%.
However, all three have risen significantly over the past seven days. PEPE surged 41%. DOGE 17%; SHIB is up more than 19%.
This is another sign that cryptocurrency traders are feeling optimistic once again.
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