The meme cryptocurrency Bonk (BONK) which operates on the Solana blockchain has seen growth in the asset market. In weeks its value has surged significantly. According to the reports BONKs price has experienced an increase almost doubling in just one day. Over the 30 days it has recorded a gain of, over 1,000%. This rapid growth has propelled the meme coins market capitalization close to a $2 billion.
One of the drivers behind BONKs price upswing is its association with Binance, which happens to be the worlds largest cryptocurrency exchange in terms of trading volume. On December 15th Binance made an announcement stating that it would list BONK on its platform and introduce trading pairs like BONK/USDT, BONK/FDUSD and BONK/TRY. Additionally Binance plans to include BONK as an asset within its Isolated Margin program. Nevertheless users have been advised by the exchange about the volatility and associated risks linked with trading BONK.
Furthermore two major crypto exchange platforms—Binance and Crypto.com—have recently declared their support for BONK. This backing from known exchanges likely played a part in driving up the price of this cryptocurrency. It is worth noting that at the time of reporting this information the price of one unit of BONK stood at $0.000028—a 89.3% gain, within one day.
BONKs success can be attributed to factors one being the frenzy surrounding meme coins, in the world of cryptocurrency. Notably meme coins like Dogecoin(DOGE) and Shiba Inu (SHIB) have also experienced gains. The Fear of Missing Out (FOMO) effect among investors, combined with BONKs association with the performing Solana network has further propelled its rise.
Furthermore Solana Mobile made an announcement regarding its Saga smartphone. The phone offered a perk—an airdrop of 30 million BONK tokens for buyers. This offer proved so enticing that the Saga smartphone sold out in the United States. As a result the value of these airdropped tokens skyrocketed from $110 to around $650 due to BONKs 650% growth. This development led to a increase in Saga sales within just 48 hours.
Interestingly despite a decrease in its circulating supply—which now stands at 60.84 trillion—BONK witnessed a 931% surge in trading volume over the week. It’s worth noting that this circulating supply represents 60.84% of its supply of 100 trillion tokens. According to the data BONK currently holds the 44th position, in terms of market capitalization and is valued at approximately $1.82 billion.