The Solana ecosystem is buzzing again, thanks in part to a recent surge in the price of SOL, which is up by 90% over the last 30 days alone. But now the network’s top meme coin, BONK, is outpacing even those already dramatic gains.
The price of BONK has surged 110% over the last week, according to data from CoinGecko, landing at a current price of $0.00000383 as of this writing. Earlier Monday, BONK hit a new all-time high price of $0.00000539.
It’s clear at a glance that the price has tumbled since the morning peak, and indeed, the drop marks a 29% decline in the span of just 11 hours since hitting that mark. Even so, BONK is up 1,700% over the past month.
BONK launched in December when the Solana ecosystem was at a low point following the collapse of crypto exchange FTX, which had been closely associated with Solana. The token was designed as a Solana-based take on dog-themed meme coins like Dogecoin (DOGE) and the Ethereum-based Shiba Inu (SHIB).
In early January, just days after Solana fell to a price of around $8 per coin, the frenzy around BONK helped reignite enthusiasm among Solana users and developers alike. However, like most meme coins, BONK’s price swings wildly, making it one of the most volatile crypto tokens out there.
Rumors have been swirling on social media over a potential listing for BONK on leading crypto exchange Binance, although there’s no substantial proof of such a move. Still, given how susceptible meme coins are to social media sentiment, the speculation alone may be helping BONK in its recent rise.