The Rise of Meme Coins in the Crypto Industry
In recent years, meme coins have become a significant presence in the cryptocurrency industry. Every market recovery seems to spotlight at least one meme coin that outshines the gains made by the rest of the crypto market. The latest notable performer is a meme coin on the Solana network, surpassing heavy hitters like Dogecoin, Shiba Inu, and PEPE.
The Remarkable Surge of Solana-Based BONK Meme Coin
Earlier this year, the Solana-based BONK meme coin experienced an extraordinary surge, only to fade into relative obscurity thereafter. The coin’s price dropped by approximately 80% from its previous all-time high and remained low for the majority of the year. However, October marked the end of this bearish trend, coinciding with the recovery of the crypto market. By the end of October, the price had already risen by 300%, starting what seemed like the beginning of a rally.
On November 20, the price of BONK reached a new all-time high of $0.00000539, marking an astonishing 1,700% increase from its lowest point in the cycle. This surge also led to a significant increase in the trading volume of BONK, jumping from less than $2 million to over $100 million in a matter of days.
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Comparison with Other Meme Coins
While BONK’s price soared, other meme coins did not perform as impressively. Dogecoin, Shiba Inu, PEPE, and FLOKI, all experienced marginal gains or even small losses during the same period. The exceptional recovery of BONK can be attributed to the price surge of Solana, which has seen a remarkable 400% increase this year alone.
### News source: bitcoinist.com