The BONK token is on a parabolic rise as it continues to soar despite being a meme coin on the Solana network.
Bonk Inu (BONK), the Solana network’s top meme coin, is making the news as it pumps impressively. Over the last week, the price of BONK has jumped by more than 125% according to data from CoinGecko at writing time. Data also shows that BONK has jumped more than 433% in the last 14 days and nearly 2,000% in the last month.
Solana’s BONK May Trade on Major Exchanges
BONK is currently trading at $0.00000427. The coin had hit a high of $0.00000539 earlier today.
BONK is a meme coin that launched last December at a time when the Solana network had seen better days. The Solana ecosystem downturn directly resulted from FTX’s collapse, which had some ties with Solana. BONK was designed as Solana’s version of other meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE).
At the moment, there are rumors floating around the social media grapevine that point to a possible BONK listing on a major crypto exchange Binance. However, neither party has confirmed any official possibility of a listing. Nevertheless, the rumors may be potent enough to pump BONK for more price increases.
Sometime in mid-January, three dog-themed meme coins accounted for $25.6 billion worth of trading volume in a 30-day period. Although this was low compared to other major cryptocurrencies, it indicated an interest in meme coins. The meme coins in question were BONK, Shiba Inu (SHIB), and Dogecoin (DOGE).
Solana Ecosystem Projected to Soar
Solana has had quite the run this year. Earlier this month, SOL jumped by more than 50% in only a few days, indicating a strong bullish bias. According to a report from Australian asset management company VanEck, the case for SOL is bullish. In a report titled “VanEck’s Base, Bear, Bull Case: Solana Valuation by 2030,” the company outlined a few forward-looking bullish scenarios for the crypto. For instance, VanEck believes that Solana will be the first platform to host an application with more than 100 million users. The report also forecasted revenue potential that puts SOL holder revenues at $8 billion by 2030.
According to MarketWatch data, SOL has climbed more than 87% in the last month, and over 178% in three months. In the past year, the world’s seventh-largest cryptocurrency by market cap has gained more than 369%, and a whopping 473% in year-to-date (YTD) gains.
Solana has also made several updates that continue the company’s aim of pushing blockchain and offering related services. For instance, Google Cloud recently announced that it has integrated the Solana network with its BigQuery data analytics service. The integration will allow Google Cloud to quickly access Solana-based data when needed. Google Cloud says the collaboration is to provide BigQuery with advanced blockchain analytics.
In October, an official announcement from the Dubai Multi Commodities Centre (DMCC) named Solana Foundation as an ecosystem partner. The DMCC said the Solana Foundation will provide the free economic zone with technical support and business development aid.