Solana-based meme coin Bonk (BONK) has recently surged by 10%, outperforming other popular meme coins within the top 100 cryptocurrencies.
At the time of writing, BONK was up 8% over the past 24 hours and was trading at $0.000025. Its market cap is $1.77 billion, making it the 52nd largest cryptocurrency, according to CoinMarketCap.
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The token’s daily trading volume has also seen a significant increase, doubling to approximately $350 million. However, BONK is still 44% below its all-time high of $0.000047, reached on March 4.
Bonk gained popularity in 2023, fueled by a rise in meme coins that also boosted Solana. Initially, Bonk was just another dog-themed meme coin, but it has since expanded its utility to include decentralized finance (DeFi) integration. It also collaborates with cross-chain communication protocols, nft marketplaces, and other crypto ecosystems.
The token is now listed on several major exchanges including Binance, Coinbase, OKX, and Bitstamp.
BONK’s recent surge in value is largely due to the BONK x Helio Pay scavenger hunt event in London. This event, organised in collaboration with Moonwalk Fitness, involves participants finding nine QR codes located at various landmarks around the city.
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Participants can win 69 million BONK and other prizes such as merchandise, beer and food. To participate, people must find and scan one of nine QR codes and post a photo of themselves or their hand making the BONK sign on social media, tagging @bonk_inu, @helio_pay and @solana.
Traders are optimistic about BONK's future performance. x.com/hryniv_vlad/status/1808037608095703301″ target=”_blank” rel=””>According For trader Vlad Hryniv, the 4-hour technical indicators for BONK/USD show bullish tendencies.
The MACD suggests a possible shift in momentum, the RSI is at 60, indicating the potential for further price increases, and both the Klinger Oscillator and the Awesome Oscillator point towards positive momentum.
On June 28, crypto.news reported a 26% increase in BONK from the previous week, attracting the attention of traders and analysts. With key technical indicators showing bullish signals and prices approaching critical resistance levels, BONK could be on the verge of a significant breakout.
While BONK is gaining ground, other dog-themed meme coins such as Dogewhifhat (WIF) and Dogecoin (DOGE) have seen declines of 2.37% and 2.7% respectively over the past 24 hours. Shiba Inu (SHIB) also fell by 1.36% over the same period.
The overall cryptocurrency market is experiencing a slight decline, with a 1% decrease in market capitalization to $2.31 trillion.
bitcoin, the leading cryptocurrency by market cap, is also down 1% over the past 24 hours and is currently trading at $62,581.
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