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HomeCoins NewsSolanaSolana-based memecoin BONK provides $1 billion to market cap after IPO

Solana-based memecoin BONK provides $1 billion to market cap after IPO

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The Solana-based memecoin BONK has surged greater than 100% to hit a brand new all-time excessive prior to now 24 hours. This outstanding rise has contributed to its market capitalization of greater than $1 billion fromcrypto knowledge.

With this enhance, BONK now ranks because the third largest memecoin by market capitalization, behind Dogecoin and Shiba Inu. BONK’s market cap is $1.8 billion at press time.

Bonko's price
BONK all-time excessive (Supply: Tradingview)

Moreover, BONK buying and selling quantity has reached unprecedented ranges, with a staggering 331% enhance to $1.16 billion recorded within the final day. This buying and selling quantity exceeds the mixed buying and selling volumes of different high memecoins akin to DOGE and SHIB throughout the identical interval.

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In the meantime, the current enhance in worth has resulted in substantial good points for early BONK traders. Crypto analyst Lookonchain reported that the dealer who acquired 69 billion BONK at a mean value of 0.0000021 bought 52.3 billion models at the moment for $927,000, securing a complete of $784,000 in income.

Why BONK Gathered

BONK’s current rise in worth might be attributed to a number of key elements. Notably, its current itemizing on main cryptocurrency exchanges akin to Coinbase, Binance, and KuCoin has considerably boosted its upward trajectory.

Historically, when a digital asset is listed on exchanges, it tends to spur value development by making it obtainable to a wider viewers inside the crypto neighborhood.

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Moreover, the optimistic sentiment surrounding the Solana ecosystem performed a job in boosting BONK’s momentum.

SOL itself has emerged as a robust participant amongst various cryptocurrencies this 12 months. The numerous development seen in Solana’s DeFi sector has pushed blockchain-based tokens to new highs, as seen in cryptocurrencies akin to Helium’s HNT.

BONK helps the sale of Solana Saga telephones

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The elevated gross sales of Solana Saga telephones additional boosted the current enhance in BONK worth.

Saga telephone homeowners will obtain 30 million BONKs after buying the airdrop system. At present costs, this airdrop is valued at over $700, which is greater than the Saga telephone’s present price ticket of $599.

Consequently, demand for the system has skyrocketed over the previous few days as crypto merchants look to capitalize on the scenario.

Anatoly Yakovenko, co-founder of Solana Labs, in the meantime, talked about the potential want to regulate the worth to drive demand.

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