Meme coin Bonk (BONK), based on Solana, has recently experienced a 10% surge, surpassing other popular meme coins in the top 100 cryptocurrencies. As of the time of writing, BONK had increased by 8% in the last 24 hours, with a trading price of $0.000025. Its market capitalization is at $1.77 billion, positioning it as the 52nd largest cryptocurrency, according to CoinMarketCap.
In addition to the surge in price, the token’s daily trading volume has doubled to approximately $350 million. Despite this increase, BONK is still 44% below its all-time high of $0.000047, which was reached on March 4.
Initially gaining popularity in 2023 as a dog-themed meme coin, Bonk has expanded its use to include decentralized finance (DeFi) integration, cross-chain communication protocols, NFT marketplaces, and other crypto ecosystems. It is now listed on major exchanges such as Binance, Coinbase, OKX, and Bitstamp.
The recent surge in BONK’s value is largely attributed to the BONK x Helio Pay treasure hunt event in London, organized in partnership with Moonwalk Fitness. Participants have the opportunity to win 69 million BONK and other prizes by finding and scanning nine QR codes placed at iconic locations in the city and posting a photo of themselves or their hand making the BONK sign on social media.
Traders are optimistic about BONK’s future performance, with technical indicators showing bullish trends. As of June 28, crypto.news reported a 26% surge in BONK over the previous week, attracting attention from traders and analysts. While BONK is on the rise, other dog-themed meme coins like Dogewhifhat (WIF), Dogecoin (DOGE), and Shiba Inu (SHIB) have seen declines in the past 24 hours.
The overall cryptocurrency market has also experienced a slight downturn, with a 1% decrease in market capitalization to $2.31 trillion. Bitcoin, the leading cryptocurrency, has dropped by 1% over the last 24 hours, currently trading at $62,581.