Bonk, a cryptocurrency powered by the Solana ecosystem, gained considerable attention from the crypto market on Saturday after a notable decrease in its price. Initially created as a meme coin, it had recently seen remarkable increases that had generated bullish sentiments among traders and investors. The recent price drop, however, raised questions about Bonk’s future price behaviour in the market.
In addition, the market witnessed various developments in the Bonk community following the price drop. With its recent listing, Bonk continues to make progress in the crypto space, becoming one of the top meme coins in the market.
Coinbase, a leading crypto exchange, announced on Thursday, December 14 the launch of Bonk trading on its platform. This announcement triggered a surge in the BONK price. Binance, another renowned crypto exchange, also supported the token by offering zero-fee trading for BONK on its platform. Moreover, it was integrated into Binance Covert, a trading tool for users on the platform.
At the time of writing, the Bonk price had dropped by 16.76%, trading at $0.00002473. Despite this, its weekly trajectory was still up 73%, with a monthly surge of approximately 750%. Its 24-hour trading volume decreased 27.78% to $1.2 billion, allowing it to surpass the top two memecoins, Dogecoin and Shiba Inu. The DOGE price increased 17% in the last 30 days, while the SHIB price soared 12% in the same period.
Meanwhile, the parent token of Bonk, Solana, became popular in the market, overtaking Ethereum in 24-hour DEX volume. It currently rests at $74.59, with a 3% decrease in its weekly trajectory. This contrasts with Bonk’s recent performance.
