The first dog-themed cryptocurrency on Solana, BONK, is experiencing a startling 20% increase as the whole crypto market gained momentum following the success of XRP.
The judge’s decision that XRP is not a security gave Ripple a significant victory in the SEC dispute. The information offered cryptocurrency investors optimism and made them relieved that other cryptocurrencies would not be regarded as securities after all.
Like the rest of the crypto market, BONK rejoiced at the victory and congratulated XRP on Twitter using its official account.
Positive sentiment caused BONK to trade higher. At the time of writing, BONK has increased by 19% over the previous day to reach $0.0000004. In a two-day increase, the token reached intraday highs of $0.00000042, breaking above the crucial resistance level at $0.00000037 that had been impeding its price development for weeks. BONK has increased 18.27% during the past week.
After reaching an all-time high of $0.000004922 in January, BONK has mostly traded in a sideways fashion. Aside from a few price spikes, BONK’s price has largely stayed flat and is now down 91.58% from its all-time high.
BONK teases new releases
Through its official Twitter account, BONK teases that it is working on a Solana game that is entirely on-chain and powered by BONK. It draws attention to the potential for a testnet release this weekend.
In a same vein, BONK previews BonkSwap 2.0, which will make some changes to the DEX game on Solana.
The native decentralised exchange (DEX) for the canine-themed Bonk protocol, named BonkSwap, was released in April as one of the system’s first significant updates.
Through the BonkSwap DEX, which makes use of Solana smart contracts, users may exchange Solana SOL, BONK, and stablecoins. In order to compensate locked stakeholders of Bonk and BonkSwap LP holdings as well as liquidity providers, about 80% of fees on BonkSwap will be used.
