This Solana-Based Meme Coin Just Reached All-Time Highs, Leaving Dogecoin, Shiba Inu In The Dust
Portfolio Pulse from Mehab Qureshi
BONK, a meme coin on the Solana network, reached a new all-time high of $0.0000066, outperforming Dogecoin and Shiba Inu with a 24-hour increase of 12% and a 750% increase over the last 30 days. The surge is linked to growing investor interest in Solana and BONK's listing on KuCoin. Solana has climbed to become the sixth-largest cryptocurrency by market cap, despite a significant drop from its all-time high in late 2021.
December 05, 2023 | 3:41 am
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POSITIVE IMPACT
Solana's underlying blockchain supports BONK, which has seen significant growth. SOL has become the sixth-largest cryptocurrency and is recovering from its previous lows.
The performance of BONK directly reflects on the Solana network's capabilities and investor interest, which could lead to increased confidence and investment in SOL.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Dogecoin saw a smaller increase of 2-4% compared to BONK's 12% rise. DOGE remains a top-10 cryptocurrency by market cap.
While Dogecoin's growth is positive, it is overshadowed by BONK's surge. However, DOGE's established market position may buffer significant short-term impact.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Shiba Inu experienced a 2-4% increase, less than BONK's 12% rise. SHIB is the 19th largest cryptocurrency by market cap.
Shiba Inu's smaller gains compared to BONK's significant rise may not have a major short-term impact, given SHIB's current market standing.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50