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Solana’s Meme Coin, BONK, Hits New High

In the relentless ascent of Solana, the spotlight remains firmly on its meme coin, BONK, which has notched up another all-time high. Scaling an impressive 762% in the past 30 days, BONK’s relentless climb is showcasing the enduring craze for meme coins.

The meme coin frenzy shows no signs of slowing down as Solana’s dog-themed token, BONK, recently smashed its previous all-time high, reaching $0.00000669 overnight.

Current trading sits just below that peak at $0.00000653, reflecting a robust 24-hour surge of 33%. What’s truly remarkable is its month-long rally, catapulting the asset upwards by an impressive 762%.

Introduced in December 2022, BONK witnessed a fresh surge in interest and price in the last month. A substantial factor in this revival is the heightened investor focus on Solana, the blockchain underpinning BONK.

Solana’s native token, SOL, now ranks as the sixth-largest digital asset by market cap, gaining substantial value amidst renewed enthusiasm in the Solana ecosystem.

Despite SOL being a far cry from its late 2021 all-time high of nearly $260, it has rebounded significantly from its slump to around $8 in late 2022.

The collapse of crypto exchange FTX, which invested in Solana, initially cast a shadow on the blockchain.

However, a surprising turn of events during the criminal trial of ex-FTX CEO Sam Bankman-Fried, where a short squeeze elevated SOL’s value, made it a standout performer in November.

Interest from major players like Visa and Shopify injected substantial funds into the Solana ecosystem. This influx of attention has arguably contributed to the surge in BONK, Solana’s prominent meme coin.

Meme coins, known for their volatility and fleeting existence, often disappear as swiftly as they emerge.

Despite BONK’s impressive surge, it has a considerable distance to cover before rivaling multi-billion-dollar assets like DOGE and SHIB.

With a market cap of $397 million, BONK currently sits as the 133rd largest digital currency, according to data from CoinGecko.

The meme coin landscape continues to captivate investors, with BONK’s recent surge serving as the latest testament to the enduring popularity of these digital phenomena.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.