BONK, a memecoin based on the Solana (SOL) network, has seen a significant price rise since November. The memecoin’s price remained stagnant for most of 2023 but has skyrocketed over the last month.
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BONK’s recent rally follows a listing on Coinbase, one of the most significant crypto exchanges. Moreover, the Solana-based token’s trade volume has surpassed rivals such as Dogecoin (DOGE) and Shiba Inu (SHIB) on Coinbase, exceeding the $30 million mark.
Will the Solana-based memecoin surge further?
Since January, BONK’s price has surged by over 6700%, making it one of the best-performing cryptocurrencies in 2023. The token has outperformed the likes of Solana (SOL), which has surged nearly 1000%, and Bitcoin (BTC), which has risen by about 160% in the same time frame.
However, despite the recent price spike, the Solana-based token has faced a massive correction, falling by over 14% in the daily charts, over 40% in the weekly charts, and over 12% in the last 14 days. Nonetheless, the memecoin is still up 244.5% over the previous month.
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BONK might continue to falter, given that the token does not have a lot of utility. Moreover, Dogecoin (DOGE) and Shiba Inu (SHIB) dominate the memecoin space, whose performance in 2023 has also been lackluster.
According to CoinCodex, the Solana-based memecoin’s price may consolidate around current levels. The platform anticipates BONK to reach $0.00001487 on Jan.1, 2024.
BONK’s recent correction seems to mimic Solana’s (SOL) trajectory. SOL recently hit a yearly high, but the asset’s price has since dropped. SOL is currently down by over 6% in the daily charts. BONK may see a rise in price if SOL picks up momentum. Moreover, the memecoin may rise again if we enter a bull run in 2024.