Solana-based meme coins BONK and FLOKI surge amidst market downturn

Solana-based meme coins Bonk (BONK) and Floki (FLOKI) have eclipsed most of the popular meme coins, rising over 15% in the last 24 hours.

At the time of writing, BONK changed hands at $0.000022, up 17%. The crypto asset’s market cap currently stands at $1.53 billion, making it the 56th largest cryptocurrency according to CoinMarketCap data.

BONK 24-hour price chart | Source: CoinMarketCap

The token’s daily trading volume has doubled in the past day, reaching almost $300 million. However, BONK is still down 46% from its all-time high of $0.000041 reached on May 29.

Bonk is a meme coin that stands out in 2023 and is on the rise as the new boom in meme coins pushes Solana even higher.

Originally just a dog-themed meme coin, it has slowly expanded its utility to include decentralized finance (DeFi) integration. The project also works with cross-chain communication protocols, NFT marketplaces, and other crypto market ecosystems.

BONK trading pairs are now listed on popular exchanges such as Binance, Coinbase, OKX and Bitstamp.

Meanwhile, the price of Floki, another dog-themed meme coin on the Solana blockchain, has also increased by 15% in the last 24 hours. The market value of the crypto asset, currently traded at $0.000172, is close to $1.64 billion with a daily trading volume of $301 million.

FLOKI 24-hour price chart | Source: CoinMarketCap

The rise in Floki came after a whale named “0x403” staked 14 billion FLOKI tokens worth approximately $2.36 million.

The whale’s decision to invest such a large sum is interpreted as a strong vote of confidence in Floki Inu’s long-term potential. Staking essentially removes these tokens from circulation, causing scarcity. As fewer FLOKI tokens are available, supply and demand may increase the price.

Among other major dog-themed meme coin players, dogwhifhat (WIF) and Dogecoin (DOGE) are up 15% and 2%, respectively, over the past 24 hours. Meanwhile, Shiba Inu (SHIB) saw a decline of 0.22% in the same time period.

Meanwhile, the global cryptocurrency market is still reeling from a 1.4% decline, bringing the market cap to $2.24 trillion.

Bitcoin, the world’s leading cryptocurrency by market cap, is seen in the red with a 3.36% decline in the last 24 hours and is currently trading at $60,670.