In terms of 24-hour trading volume, the BONK meme cryptocurrency has eclipsed both Dogecoin (DOGE) and Shiba Inu (SHIB).
According to the most recent data, BONK, a relative newbie to the meme currency scene, has reported a remarkable $1.37 billion in trading volume, surpassing Dogecoin’s $933 million and Shiba Inu’s $225.8 million.
This change is a major turning point for BONK in the extremely volatile meme coin segment of the market.
Rise of BONK
The market value of BONK token, the buzz of the cryptocurrency world, momentarily approached $3 billion after it was listed on prominent exchanges including Binance and Crypto.com.
Everyone is trading BONK today, according to Arkham Intelligence, with total open interest on the token tripling from the lows of the prior day following Binance’s announcement of its listing.
Even with this increase, funding is continuously negative, suggesting that a significant portion of traders are betting against the token. In just 12 hours, $6.15 million worth of BONK liquidations have taken place.
Nevertheless, in the last day, the price of BONK has increased by 85%.
SOL challenging XRP
In the same period, Solana (SOL) has grown by more than 5% in tandem with BONK’s ascent.
This increase puts Solana in a situation where its market value is about to overtake XRP. According to CoinGecko data, Solana is valued at an astounding $32.18 billion, which is getting near to $34.20 billion for XRP.
The expanding influence and potential of the Solana ecosystem in the larger cryptocurrency market has also been highlighted by BONE’s success.
