- Bonk token has soared by more than 6,300% from its lowest point this year.
- Other tokens in the Solana ecosystem have also boomed in 2023.
- Bonk has outperformed other meme coins like Shiba Inu and Dogecoin.
Bonk price has gone vertical in the past few weeks, making it one of the best-performing meme coins in the world. The token surged to a record high of $0.000014, which was over 6,300% above the lowest point this year. The jump has brought its total market cap to over $768 million.
The rise and rise of Bonk
Bonk is a meme coin that was launched in December last year. It was launched in the Solana network, which is one of the biggest networks in the industry. The goal was to create a Solana equivalent of popular meme coins like Shiba Inu, Dogecoin, and Dogelon Mars.
Bonk has succeeded in that. While it has a smaller market cap than Dogecoin and Shiba Inu, it has outperformed them by far. Shiba Inu has dropped by more than 31% this year while Dogecoin has risen by more than 10%.
Bonk’s rally has led to more activity in the Solana ecosystem. Orca has grown to become the 7th biggest decentralized exchange (DEX) in the world after dYdX, Uniswap, Vertex, Kine Protocol, and Apex Protocol. It handled over $278 million in the past 24 hours.
Bonk has rallied for three main reasons. First, it has jumped because of the strong performance of Solana, which has jumped by over 400% this year. It has jumped despite of the woes in the blockchain network.
Second, Bonk has now entered the so-called Fear of Missing Out (FOMO) mode. In most cases, a crypto price rally usually leads to more demand as traders want to join in the rally. This situation has become more common now that users can share their excellent returns in social media platforms like Twitter and StockTwits.
Broadly, Bonk token has surged because of the ongoing trends in the crypto industry. Bitcoin has risen by more than 130% this year while inflows in the crypto industry has jumped by more than $600 billion.
Bonk price forecast
The daily chart shows that the Bonk token price has been in a strong uptrend in the past few months. It has risen from a low of $0.00000013 in October to a high of $0.000014. This means that it has surged by over 6000% in this period.
Along the way, Bonk has jumped above all moving averages while oscillators like the Relative Strength Index (RSI) and Stochastic Oscillator have moved to the overbought level. This is a sign that the coin has a great momentum.
Therefore, the question is whether BONK token will get to $1. To do that, it needs to rise by more than 8 million percent. While this is possible, I don’t see it happening in the near term.
