Home Crypto Why is the Solana Bonk (BONK) meme coin on the rise?

Why is the Solana Bonk (BONK) meme coin on the rise?

by Editorial Staff
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  • The worth of Bonk has skyrocketed after South Korean alternate Bithumb introduced the itemizing of BONK on the KRW market.
  • Meme coin Solana hit a two-week excessive as Bitcoin led the crypto market’s rebound.

Bonk (BONK), the primary canine meme coin on Solana, has seen vital progress up to now 24 hours.

In line with market knowledge from CoinGecko, the value of BONK is up 9% to commerce at $0.00002623, the meme coin’s highest degree in two weeks.

Why did the value of BONK leap at this time?

Bonk’s efficiency over the previous 24 hours coincides with the rise in crypto costs.

This got here as markets reacted to the most recent US inflation knowledge, which confirmed a softer-than-expected CPI studying. As shares soared to weekly highs, bitcoin topped $66,000, with analysts predicting a possible rally to $74,000.

Optimistic sentiment supported most altcoins, with Ethereum breaking above $3,000 and Solana climbing above $160.

BONK’s worth took a toll on different meme cash, which rose barely because the megacaps grew.

Bonk prolonged positive factors on Thursday amid information that Bithumb, South Korea’s second-largest cryptocurrency alternate, announced Record of BONK.

The platform will open buying and selling for BONK in Korean Received (KRW) on Could 16 at 5:00 p.m. Bithumb may even listing Zeta Chain (ZETA).

As South Korea is among the main crypto markets, Bonk’s itemizing on Bithumb is prone to enhance not solely the visibility but in addition the liquidity of the meme coin. Firstly of buying and selling on Thursday, the buying and selling quantity elevated by 30%.

The value of BONK might rise larger and retest the degrees seen in March and April. Progress momentum can be prone to decide up if the broader market continues to develop.

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