Solana’s Dog-Coin BONK Sees 35% Surge

Solana dog-coin BONK has experienced a 35% price surge, attracting significant attention in the crypto market. As of now, BONK is up 0.75% in the last 24 hours, trading at $0.00001422 and achieving a 35% increase weekly.

BONK’s upward trend began on March 21, when it hit bottom lows of $0.00000888. Since then, the coin has recorded four consecutive days of gains, with today potentially marking a fifth day if it closes positively. Its peak was $0.00001486 on March 24, exceeding the daily SMA 50 at $0.000014, a resistance that has limited BONK’s price since December 2024.

Interestingly, this rally has been quiet compared to other major market movements, lacking significant recent announcements to catalyze its price increases.

BONK, a meme coin that gained popularity after the collapse of the FTX exchange, became an instant hit in late 2023 as traders aimed to capitalize on the dog-themed token following Solana’s recovery from the fallout of Sam Bankman-Fried’s actions.

At its peak, BONK reached an all-time high of $0.00005916 on November 20, 2024, before experiencing a gradual decline of 76% from that peak.

What’s Going On?

BONK’s rise correlates with SOL’s price increase and a broader rebound in the crypto market, indicating that meme tokens hit hard by recent sell-offs are beginning to recover. Solana’s SOL token surged by 11% on Monday, and if it closes positively today, it will mark five consecutive days of gains, totaling a 20% rise for the week.

Additionally, BONK’s user base is expanding, nearing one million holders, reflecting robust community support as interest in meme coins grows with increasing regulatory clarity. In late February, the U.S. Securities and Exchange Commission (SEC) affirmed that meme coins are not classified as securities, likening them to collectibles with limited functionality and inherent risks.