The price for memecoin Bonk (BONK) has left crypto traders grinning lately, with four consecutive days of rising prices, leaving the memcoin now trading at around $0.00002205.

This is an increase of more than 40% today alone.

BONK, known as @bonk_inu on X, is a meme coin, which can be bought on Coinbase.

Bonk is modelled after fellow meme coins Doge coin and Shiba Inu and was launched in December 2022.

Bonk is hosted by blockchain Solana and gives out Bonk ecosystem products such as Bonk rewards, Silicon Valley Bonk (SVB) and BONKswap.

Since then, it has amassed a loyal following and has grown by more than 1000% since the beginning of 2023, and now has a market cap of around $1.3 billion.

December 2023 brought another significant milestone – it was listed on Coinbase for the first time, giving the coin some much-needed legitimacy.

Bonk has not released any significant news or developments recently.

So, what’s causing the surge?

This seems to be the case of ‘a rising tide lifts all boats’, as Bonk is not the only crypto or memecoin that has soared in price lately.

Shiba Inu, which is the inspiration for Bonk, has climbed over 25% today, while Dogecoin is up 19% and fellow memcoin Pepe is up more than 15%.

The reason for this seems to be bullishness on cryptocurrencies in general, after Bitcoin broke through the $60,000 price hurdle yesterday.

The post Why is BONK memecoin's price soaring? appeared first on Invezz

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