Solana-based memecoin BONK provides $1B to market cap following change listings

The Solana-based memecoin BONK surged by over 100%, reaching a brand new all-time excessive previously 24 hours. This exceptional ascent contributed greater than $1 billion to its market capitalization, per starcrypto information.

With this surge, BONK now ranks because the third-largest memecoin by market capitalization, trailing solely Dogecoin and Shiba Inu. BONK’s market cap is at $1.8 billion as of press time.

Furthermore, BONK’s buying and selling quantity has reached unprecedented ranges, with a staggering 331% surge to $1.16 billion recorded previously day. This buying and selling quantity surpasses the mixed buying and selling volumes of different high memecoins like DOGE and SHIB throughout the identical interval.

In the meantime, the latest surge in worth has resulted in substantial income for early BONK traders. Crypto analyst Lookonchain reported {that a} dealer that acquired 69 billion BONK at a median worth of $0.0000021 bought 52.3 billion models at the moment for $927,000, securing income totaling $784,000.

Why BONK rallied

The latest surge in BONK’s worth could be attributed to a number of key elements. Notably, its latest itemizing on main cryptocurrency exchanges similar to Coinbase, Binance, and KuCoin has considerably fueled its upward trajectory.

Historically, when a digital asset will get listed on exchanges, it tends to spark worth will increase by making it accessible to a broader viewers inside the crypto neighborhood.

Furthermore, the optimistic sentiment surrounding the Solana ecosystem has performed a task in boosting BONK’s momentum.

SOL itself has emerged as a powerful performer amongst various cryptocurrencies this 12 months. The substantial development noticed in Solana’s DeFi sector has propelled tokens primarily based on the blockchain to rally to new highs, as seen in cryptocurrencies like Helium’s HNT.

BONK aids Solana Saga telephone gross sales

Elevated gross sales of Solana Saga telephones have additional boosted the latest surge in BONK’s worth.

House owners of Saga telephones obtain a 30 million BONK token airdrop upon buying the gadget. At current charges, this airdrop is valued at greater than $700, which is larger than the Saga telephone’s present price ticket of $599.

In consequence, demand for the gadget has skyrocketed previously few days as crypto merchants look to revenue from the scenario.

In the meantime, Anatoly Yakovenko, the co-founder of Solana Labs, talked about a possible want to regulate the value to handle demand.