The year 2023 witnessed the birth of numerous cryptocurrencies and the rise of several, including one of the year’s most popular meme tokens, Bonk (BONK). The meme token became the center of attention as it recorded significant gains in the last quarter of the year, managing to be the top earner of 2023.
800% Increase in BONK Value
BONK did not see much interest in the crypto space for most of 2023. However, it became a hot topic of discussion in December when its price began to rise significantly. CryptoDep recently highlighted this event in a tweet. According to the tweet, BONK’s price increased by more than 800% in 2023.
While the popular meme token ranked first in terms of price increases among cryptocurrencies in 2023, INJ and PENDLE followed in second and third place, respectively. Analysis of the Santiment chart by experts revealed that BONK’s price has only gained upward momentum since December 3. The meme token reached its peak value of $0.00003 on December 15 when the bull rally began.
Reasons Behind BONK’s Rise
The bull rally also enabled the token to increase in value when compared to the second-largest meme token, Shiba Inu (SHIB). Although many factors were involved, the price increase can be linked to Binance‘s (BNB) listing of BONK on its platform. This event significantly increased the buying pressure on the meme token, stirring excitement within the community.
While its price rose in mid-December, its popularity also increased, as evidenced by a significant rise in social volume. During this period, the weighted sentiment also increased, suggesting a prevailing bullish trend in the market. Although the past month was quite profitable for investors, things have started to change. According to data from the website 21milyon.com, BONK has experienced a drop of over 25% in just the last seven days.
