Bonk (BONK), the brand new meme coin on the town that prides itself as the primary Solana Canine coin, has been on the rise all week lengthy. The token’s newest development is at the moment being fueled by the replace shared on the token’s Twitter web page. In response to the token, it has burnt off a complete of 500 billion cash, cementing probably the most aggressive token burn campaigns within the crypto ecosystem of as we speak.
Whereas this 12 months opened for many cash on a optimistic notice, it’s nonetheless in some way uncommon to discover a token that may file double-digit development on the day by day chart. So far as the BONK token is anxious, it has outstripped all cash within the high 100 and is at the moment buying and selling up 107% on the time of writing to $0.000001932. Drawing on its present development tracks, BONK is now up by greater than 2,080% because it recorded its all-time low (ATL) of $0.000000086142 about 5 days in the past.
Contemplating the present outlook of the broader crypto world, the probabilities that BONK will be capable of sustain with its bullish run are fairly slim. Buyers — notably retail merchants — haven’t seen such a momentous leap in fairly a while, and with this, many may be pressured to take income someday quickly.
New DOGE killer on the town?
With the value of BONK and the hype round it, there isn’t a doubt that it’s the new meme coin on the town, and like Shiba Inu (SHIB), it might begin parading itself as a Dogecoin (DOGE) killer. Over time, meme cash like DOGE and SHIB are recognized completely for his or her pump-and-dump scheme, and this will grow to be the brand new narrative for BONK because it continues to rise in recognition.
Whereas BONK is at the moment being traded on MEXC World and Huobi, exchanges have gotten fairly cautious of meme cash, as proven in Binance’s latest delisting of a Shiba Inu pair.