Investing.com – Although it held roughly flat through the end of 2022 and into 2023, this is not the case for all cryptocurrencies.
The BONK cryptocurrency is one of them. Based on the blockchain, which launched on December 25th, it has exploded by more than 1,800% since the beginning of January with a record high of $0.000003944 at the start of Thursday, compared to $0.0000002000 on January 1st.
As of 10:32 a.m. Thursday, Crypto BONK is up 52.1%, reaching $0.00000331 over the past 24 hours.
It’s worth noting that BONK is a “crypto meme,” similar to or.
Bonk developers posted on Twitter last month that “we’re here to reward everyone who made Solana what it is today.”
Note that the BONK rally was supported by an airdrop that saw free tokens distributed to Solana developers and non-fungible token (NFT) collectors in Solana. About 50% of the 56 trillion Bonks were sent over the past week.
Note that the resulting boom in the price of BONK has also benefited, with the blockchain serving as the basis for BONK. SOL offers more than 40% higher in one week at the time of writing.
As for whether BONK’s rise will continue, caution still needs to be exercised. As with any crypto meme, the price of BONK took off largely due to hype on social media, particularly with influencers with large followings, resulting in a “FOMO” sensation that quickly sent the price skyrocketing.
However, BONK is far from the first project to attempt to replicate the success of DOGE or SHIB, and history shows that most of them failed. After gaining nearly 2000% in less than 5 days, staying away may be the wiser option.