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In a stunning twist within the realm of cryptocurrencies, Shib Bonk (SBONK) has surged to unprecedented heights, captivating the attention of both traders and enthusiasts. The digital currency has achieved a remarkable milestone by soaring to an all-time high of approximately $0.0000066, pushing its market capitalization to a noteworthy $280,000.
BONK, the first dog-themed coin on Solana, is seeing a surprising 20% jump as the entire crypto market received a positive boost in the wake of XRP positivity.
Solana dog coin, BONK, saw a massive jump of over 27% in the last 24 hours as renewed optimism in the market saw a few often dormant altcoins surging.
Dogecoin (DOGE), on the other hand, is the crypto whose logo is inspired by the internet meme depicting the Shiba dog, made famous thanks to the support of Elon Musk.
The rise of the meme coin mania in 2023 has taken the cryptocurrency world by storm, and a new report by CoinGecko shows that the trend is most popular in the United States, India, and the United Kingdom. These countries account for over 50% of all meme coin fans this year, indicating a strong interest in these assets.
CoinGecko's recent research report, “Top Meme Coin Countries 2023”, reveals a fascinating snapshot of the global passion for meme coins.
The Bonk Inu team recently launched BonkSwap, their innovative native decentralized exchange (DEX) on the Solana blockchain, marking a pivotal moment for the canine-themed token.
The BONK token, a member of the Shiba Inu ecosystem, recently experienced a 6.2% price spike following an increase in Total Value Locked (TVL). This growth could be indicative of a broader recovery for the Shiba Inu ecosystem, which has faced challenges in recent times.
Bonk Inu was one of the hottest Solana tokens earlier this year, leading a frenzied market at the time.
Lately, Solana [SOL] has registered a slight decline in fees, which indicated less user activity on the network. Not only that, but SOL's price action also favored the bears as its price went down by over 4.5% in the last 24 hours.
DEXs trading volume on the Solana network has rapidly declined from their January highs thanks to the waning interest in the Bonk Inu token.
Analysis of market trends and performance
The top three dog-themed digital assets recorded a combined trading volume going past $25 billion in the last 30 days.
Solana has displayed consistent growth after a tumultuous start to the year, but how much is BONK to thank?
The collapse of the FTX Exchange impacted Solana pushing it to plunge remarkably.
Solana's (SOL) recent recovery after its FTX-fueled downfall has been nothing short of impressive, with staggering gains of 76.21% in the past month. 56.31% of those were in the last 2 weeks, and 28.53% in just the past week.
Canine-inspired tokens, including Dogecoin and Shiba Inu, saw around $25 billion in trading volume in the past month.
Despite a massive decline from their all-time highs, the three tokens still have considerable trading volume.
A top executive of Solana (SOL) says the Ethereum (ETH) rival is bouncing back after suffering the impacts of FTX's collapse.
Massive drop of token has nothing to do with original
The crypto market took a beating in 2022, but these cryptos are dusting themselves off and fighting back in 2023.
Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin.
Solana is up by more than 58 percent over the past week to join the broader crypto market rally.
Key Points: Over the past week, Dogecoin (DOGE) and Shiba Inu (SHIB) have skyrocketed with Bitcoin and the broader market, leaving the new much-hyped dog-themed cryptocurrency Bonk (BONK) in the rearview mirror. The two largest meme coins in market capitalization attempt to outpace a new Solana-based challenger.
