Solana: Bonk Dominates Market With 10% Rally: Will It Continue?

Paigambar Mohan Raj
Source – Decrypt

Solana-based memecoin Bonk (BONK) is currently the best-performing cryptocurrency among the top 100 projects in the daily charts. BONK has rallied 10.7% in the last 24 hours, 16.8% in the weekly charts, and 24% in the 14-day charts. Fellow dogcoin Floki is also displaying a strong comeback, while dogwifhat and Dogecoin continue to trade in the red zone in the daily charts.

Source: CoinGecko

Bonk is currently down by over 42% from its all-time high of $0.00004547, which it attained in March of this year.

Also Read: Solana (SOL) Surges 800% This Year, Outpacing Bitcoin & Ethereum

Bonk could be reaping the benefits of VanEck applying for a Solana ETF. SOL itself is up by 9% over the previous week. Investor confidence in SOL-based assets may have spiked in anticipation of an SOL ETF.

Will the Solana-based memecoin continue its rally?

Source: Decrypt

It is possible that BONK’s rally is fuelled by the recent filing of an SOL ETF by VanEck. Bonk, and other SOL-based assets, may face a price dip if the authorities reject VanEck’s ETF application.

The researchers at CoinCodex present a rather bullish outlook for the dog-themed cryptocurrency. The platform anticipates Bonk to hit a new all-time high on July 18, 2024. CoinCodex predicts Bonk’s rally to continue throughout the month, going as high as $0.00008534 on July 29, 2024. Reaching $0.00008534 from current levels would translate to a growth of about 225.7%.

Also Read: Solana Predicted to Lead Next Bull Rally as SOL Nears $150

The Solana-based memecoin has had remarkable performance since its December 2022 launch. Since July 2023, the memecoin’s price has increased by more than 7200%, and it is currently rising fast in the list of the top projects by market capitalization. Over the course of the previous year, other memecoins, such as Pepe and dogwifhat, have also seen remarkable development.