The Unexpected Reasons Behind Solana's BONK Resurrection As the Top Gainer of The Day
Markets are cooling down on Friday, with most altcoins facing a ~5% pullback.
Free airdrops of 300M BONK have boosted the sales of Solana’s SAGA phones. Solana’s most popular memecurrency, Bonk (BONK), faces a price trend reversal after a phased market correction, which has sent it down 46% in the last two weeks. However, BONK is on the up again, as the daily upswing of 24% puts the dog-themed coin at the top of the gainer list.BONK soared past the key resistance at $0.000015, previously analyzed by veteran crypto traders as the make-or-break area. At press time, BONK trades at $0.00001644, according to CoinGecko. Following BONK’s rollercoaster ride after being listed on top crypto exchanges Coinbase and Binance, the token inked 263.5% monthly gains.Solana’s Renaissance Serves BONK New Adoption CasesThe resurgence of BONK, which was released on Christmas Day 2022, has been one of a kind.
After a monumental 3,000% run in early January 2023, BONK quickly faded from mainstream crypto talk and nearly fell out of the TOP 1,000 by global market capitalization. Then, from trading at eight million total market capitalization in October, the token quickly scooped $2 billion market capitalization upon Solana’s revival. While it’s true that the $2 billion all-time high was cut in half in just three days, BONK’s revival points to a couple of on-chain factors hinting that the memecoin is here to stay.Firstly, BONK has garnered a strong presence in major exchanges. For instance, BONK’s Coinbase trading has topped Dogecoin (DOGE) and Shiba Inu (SHIB) in trading volume on the top American crypto platform. BONK also overtook popular altcoins like XRP and ADA with $69,609,592 trading volume today, encompassing 2.57% of Coinbase’s total daily trading volume.Secondly, the inclusiveness of BONK in Solana’s community has been mutually beneficial. Solana’s SAGA Web3 phones flew off the shelves in the United States amid BONK’s run to TOP 50 by global market cap. The phone was resold at ten times its original price, and SOL embarked on a yearly high of $123 on Boxing Day.On The Flipside BONK is already 52% down from its all-time high set on December 15, 2023, while analysts argue that bulls taking the steering wheel for BONK are unconfirmed yet.
For BONK to sustain the current price rally, the weekly close of the memecoin should exceed the resistance level of $0.0000174. Why This MattersMemecoins can spread awareness about crypto adoption and blockchain technology, as memecurrencies appeal to the public and are often used to strengthen crypto communities.