16 December 2023
In an unexpected turn of events, the Solana-based memecoin Bonk (BONK) has experienced an extraordinary 1,000% monthly surge following its recent listings on major cryptocurrency exchanges.
The momentum began with Coinbase’s listing, followed closely by Binance’s surprise announcement, propelling BONK to new heights and generating enthusiasm within the crypto community.
Astounding 1,000% Surge On Binance And Coinbase Listings
The listing on Binance proved to be a game-changer for BONK, as its price skyrocketed above $0.00003, marking an astounding increase of over 1,000% in just one month. The frenzy surrounding the memecoin became evident when a trader sold 52.3 billion BONK tokens, equivalent to approximately $927,000, and realized a staggering profit of around $784,000.
According to Lookonchain, this trader had purchased 69 billion BONK at a price of approximately $0.0000021 and staked them from October 30 to November 29, reaping substantial returns from the meteoric rise of BONK.
Beyond the price surge, another noteworthy development has captured the attention of investors. The Solana community has witnessed a surge in the sales of Solana phones, driven by the recent price hike of Solana’s memecoin.
Raj Gokal, the co-founder of Solana, shared in a December 15 post on X that Solana phone sales have increased by over 10 times within the past 48 hours and are now projected to sell out before the new year. Gokal stated:
Just so everyone is aware, Solana mobile saga sales have >10x’d in the past 48 hours, and are now on track to sell out before the new year.
Moreover, Richard Wu, co-founder of Tensor, Solana’s non-fungible token marketplace, expressed his astonishment, stating: “This is crazy. BONK saved Solana on Christmas 2022. BONK is saving the Solana Saga Phone on Christmas 2023.”
Wu emphasized that, unlike other dog coins, Bonk has emerged as the savior of Solana, a battle-tested high-throughput Layer 1 blockchain. He further added, “It’s not just a meme anymore. This is religion.”
BONK Memecoin’s Impressive Surge Paired With Solana’s Growth
Based on the 1-hour chart for BONK, the memecoin has consistently reached new highs since the start of the current bull run on November 8.
Notably, the token has surpassed significant moving averages, including the 200-day and 50-day MA. This is a positive indicator of the token’s potential, as there are currently no visible resistance levels unless a correction occurs.
It is worth noting that SOL has experienced a remarkable 443% uptrend year-to-date, along with significant ecosystem growth in recent months. This, combined with the ongoing memecoin frenzy, suggests that there may be no limits or boundaries for BONK’s upward trajectory.
Following the announcement of Binance’s listing, the token experienced a surge of 121%, which has been further complemented by gains observed in the past 24 hours. However, BONK’s current price stands at $0.00002888, representing a shortfall of over 30% from its recent highs.
The extent of BONK’s potential and the future patterns it will exhibit in its various time frames remain to be seen. These developments will provide further insights into the token’s future growth potential or possible corrections. However, the overall outlook for BONK appears promising for investors.
Featured image from Shutterstock, chart from TradingView.com