by Jonathan Agozie 
The Solana-based memecoin BONK has surpassed a $2 billion market cap.
According to an X post from SolanaFloor, the Solana-based memecoin BONK has surpassed a $2 billion market cap, experiencing a significant price increase amid a favorable cryptocurrency market. As per CoinMarketCap, BONK’s price has surged to $0.00003401, reflecting a 30% increase in the last 24 hours and a 35% increase over the past seven days.
🚨 BREAKING: Solana Memecoin $BONK (@bonk_inu) breaks $2 billion Market Cap. pic.twitter.com/6R8LapXtyt
— SolanaFloor | Powered by Step Finance (@SolanaFloor) May 21, 2024
Today, the overall cryptocurrency market has experienced significant developments, with Bitcoin (BTC) surpassing $71,000 for the first time since early April and Ethereum (ETH) increasing by over 22% to reach $3,778. This surge in the market resulted in over $260 million in short liquidations, making it the largest event of its kind since February.
BONK’s Recent Surge in Price
According to a report from CryptocurrenciesToWatch last week, BONK’s price surged significantly following its listing announcement on Bithumb, reflecting heightened investor interest. This listing on a major exchange has increased BONK’s visibility and demand within the global crypto community.
BONK currently has a circulating supply of approximately 64 trillion and is valued at a market cap of $2.11 billion. Over the past 24 hours, BONK’s open interest has increased by 69.40%, reaching $13.8 million, according to Coinalyze. Additionally, the Relative Strength Index (RSI) indicates strong buying pressure at 66.32%, signaling active bullish sentiment.
The memecoin industry is a dynamic and fascinating market, offering unique opportunities for investment and exploration. With a wide array of options, investors can delve into this exciting and ever-changing landscape to discover new growth possibilities.
Solana-based memecoins such as BONK, WIF, and MEW have become increasingly popular within the Solana blockchain ecosystem, showcasing sustained interest in this unique sector of digital assets. However, due to the volatile nature of the cryptocurrency market, the price of these memecoins may experience significant fluctuations. Therefore, investors should approach this speculative market with caution and conduct thorough research before making any investments.
