Shiba

Solana

Bonk

Shiba Inu

Billion

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
In an exciting development within the cryptocurrency market, <a href="https://u.today/solana-dog-coin-bonk-bonk-suddenly-up-12-here-is-key-reason">Bonk (BONK)</a>, the dog-themed meme coin built on the Solana blockchain, has surged by over 35% in price, pushing its market value to an impressive $2 billion.&nbsp;
This meteoric rise highlights the growing appeal of meme coins and their significant impact on the broader cryptocurrency market.
Bonk, inspired by the success of other dog coins like Dogecoin (DOGE) and Shiba Inu (SHIB), quickly gained traction after its launch on the Solana blockchain.
According to <a href="https://coinmarketcap.com/community/search/top/bonk1/">CoinMarketCap</a> data, BONK's market capitalization is now $2.04 billion, placing it as the 55th largest cryptocurrency by market cap.
<img alt="TradingView" data-entity-type="file" data-entity-uuid="713255bd-2dda-4645-a1f9-e3bba12c848d" src="https://u.today/sites/default/files/inline-images/21052024%201111.png"><a href="https://www.tradingview.com/x/uYuCYrbj/">BONK/USD Daily Chart, Courtesy: TradingView</a>
The broader cryptocurrency market has been experiencing positive sentiment, with major coins like Bitcoin (BTC) and Ethereum (ETH) showing strength. This overall bullish trend has spilled over to altcoins and meme coins, including BONK.
Crypto prices increased on signs of progress toward U.S. approval of exchange-traded funds investing directly in Ethereum, reversing a more negative outlook last week. The market rise is reminiscent of the investor excitement that preceded the launch of Bitcoin ETFs.&nbsp;
Santiment, an on-chain analytics firm, highlights BONK's spectacular price gain, citing the enthusiasm surrounding Ethereum's first-place ETF as a driver for one of crypto's top five days of 2024.
At the time of writing, <a href="https://u.today/solana-dog-coin-bonk-bonk-soars-43-heres-key-reason">BONK </a>was up 28% in the past 24 hours to $0.00003217, and up 38% in the last seven days. BONK has been steadily rising since May 13 after reaching a low of $0.0000214. The rise culminated in highs of $0.0000345 in today's trading session. BONK's 24-hour trading volume is up 280% to $1.34 billion.&nbsp;
According to Kaiko, meme tokens have shown resilience after trade volumes reached multiyear highs of $71 billion in mid-March. Trade volume for meme coins remains robust, with weekly volume increasing by more than 200% year to date.

Solana's Shiba Inu Goes Big: BONK Reaches $2 Billion Milestone

U_Today

Other articles published on May 21, 2024

Institutional Investors Pour $942 Million Into Bitcoin, Will This Trigger A Rally To $80,000?

Vitalik Buterin Questions Privacy of Microsoft’s Recall Feature

The Top Cryptocurrencies Ready to Explode with the Upcoming Ethereum ETF Approval

Ethereum Founder Vitalik Buterin Advocates For Open Source AI, Here’s Why

Is Shiba Shootout the Next Pepe? Escalating Presale Traffic Hints at a Massive Meme Coin Pump

Polygon (MATIC) and Cardano (ADA) Prices ‘Wake Up’ on the Heels of Ethereum ETF News

Join our free newsletter for daily crypto updates!