During the past week, Solana-based memecoin Bonk has emerged as the standout performer among rivals. The digital asset saw a remarkable 150% increase in value, surpassing the gains of Dogecoin, Shiba Inu, Pepe, and Floki Inu, ultimately reaching an all-time high.
This price movement has pushed it to the third-largest dog-themed memecoin by market capitalization behind only Dogecoin and Shiba Inu.
Driving Factors Behind Bonk’s Surge
Bonk was launched last year and enjoyed high attention earlier in the year before interest waned. However, the memecoin has recently experienced renewed interest, pushing its price beyond previous heights.
The recent BONK’s value spike can be attributed to several key factors. Notably, its listing on major cryptocurrency exchanges like Binance and KuCoin has been a significant catalyst in the upward movement.
Top 10 Memecoins by Market Capitalization. Source: CoinGecko
Traditionally, exchange listings trigger price surges ahead of the actual listing date. However, in the case of BONK, KuCoin’s listing came with additional promotional incentives as the exchange offered rewards of up to $58,000. On the other hand, Binance’s listing of BONK derivatives contracts brought the memecoin to more crypto traders.
Furthermore, the optimism surrounding the Solana ecosystem has also contributed to BONK’s momentum. SOL itself has been a standout altcoin performer this year. The significant growth within Solana’s DeFi sector has propelled Solana-based tokens to outperform their Ethereum counterparts, benefitting BONK in comparison to Pepe, Floki Inu, and Shiba Inu, all Ethereum-based tokens.
Dogecoin, Shiba Inu, Others Rally Too
Other memecoin like Floki, Pepe, Dogecoin, and Shiba Inu, also recorded substantial gains during the past week amid the improved market situation. Data from BeinCrypto shows that these assets saw double-digit gains during the week, with several analysts highlighting potential upsides for their price.
For context, Ali Martinez, BeInCrypto’s Global Head of News, pointed out Dogecoin’s impressive price position. Martinez said DOGE’s price cleared all major resistance levels and could aim for $0.14.
“With the $0.095 support proving strong – thanks to 63,280 addresses buying 3.2 billion DOGE – the path looks set for an upward journey. If this support remains firm, we could see DOGE aiming for $0.14 next,” Martinez said.
Dogecoin Support and Resistance Clusters. Source: IntoTheBlock
Another experienced crypto analyst Michaël van de Poppe noted that the price of Pepe was gaining momentum. He even went further to say that Pepe could be the “new DOGE” as it may rise toward another $0.000002 after providing a buying opportunity.
“[Pepe] shows a lot of momentum, but I’d like to see a retest at 1285-1350 and then continue towards 2000. Buying dips on this one is a proper strategy at this market stage,” van de Poppe added.
