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Bonk (BONK), the first dog-themed meme coin created to compete with Dogecoin and Shiba Inu on the Solana (SOL) network, seems to have faded into the background at the beginning of 2023, despite finding buyers with enthusiasm in its early days.
Can Bonk Compete with Shiba and Dogecoin?
Struggling to catch up with other dog-themed cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE), BONK may still be unfinished due to its connection to the launch of Solana’s smartphones.
Despite the stagnation in 2023, Bonk ignited a comeback in the midst of a strong cryptocurrency market rally in November, and according to the latest data from CoinMarketCap, its value has increased by an astonishing 2,000% in the last 30 days.
Despite the scandals, Binance, the world’s largest cryptocurrency exchange in terms of volume, announced on Wednesday, November 22, that it has added perpetual futures trading support for Bonk. This could be another boost for the meme coin.
Will BONK Rise?
Bonk’s rise in the current cryptocurrency rally has become even more remarkable considering its lower popularity compared to meme coins like Dogecoin, Floki Inu (FLOKI), or Pepe (PEPE), which are its competitors.
At the time of writing, the price of Bonk was trading at $0.000004376. Despite a 3% increase in the last 24 hours, it exhibited a relatively low price movement.
Since November 9, Bonk has been experiencing an upward price movement. With a 59.91% increase in the past seven days and a 1260% increase compared to the previous month, the altcoin has shown both significant and stable price movements.
The stable rise, the Bitmex listing on Monday, and the subsequent start of futures trading on Binance indicate that Bonk has the potential to become the main memecoin of the current rally with a value increase of 2,000% or more before the year ends.
However, it is important to note that despite experiencing an almost unstoppable price increase in the first two weeks of November, as evidenced by Solana’s own price movement, which has slowed down and even slightly reversed in the past 7 days, cryptocurrency market investors may still be indecisive.
