In the previous 24 hours, Solana dog cryptocurrency, BONK, had a sharp increase of around 27% as a few frequently inactive altcoins surged on increased market optimism.
Bitcoin climbed to its highest level in a year following recent prominent exchange-traded fund (ETF) registrations in the United States. The unexpected proposal by BlackRock, Inc. for a U.S. spot Bitcoin exchange-traded fund has recently made headlines, reigniting interest in cryptocurrencies.
Dog of Solana coin BONK took part in the action as well, making progress during the last 24 hours.
After hitting record highs of $0.000004922 on January 5 of this year, BONK saw a drop before levelling out.
For months, BONK traded in a range with sporadic price increases, but there was no way to exit the range. BONK refused to trade below the daily MA 50 in February and remained there.
BONK witnessed a sharp increase on June 23 that persisted today, reaching intraday highs of $0.000000486. At the time this article was written, BONK had risen by 25% from the day before to reach $0.00000041. In addition, the token has increased by 33% during the past week.
The current BONK rise represents the second breach above the daily MA 50 in recent weeks; nevertheless, it is unclear if bulls will be able to maintain the current pace.
After a huge surge at the beginning of the year, BONK is currently about 92% below its all-time highs. In the wake of the FTX exchange crash, enthusiasm in blockchain technology took a knock, and BONK came to the fore in the Solana ecosystem.
One of the canine-themed token’s first significant releases was the native decentralised exchange (DEX), which was unveiled by the BONK creators in April.
Through the BonkSwap DEX, which will make use of Solana smart contracts, users will be able to exchange Solana, BONK, and stablecoins. The majority of BonkSwap fees (80%) will be used to pay locked stakers and liquidity providers for the Bonk and BonkSwap LP positions, which are anticipated to gain value for holders.
