Bonk, the Solana doge-themed memecoin, has been making huge rounds in the past few weeks. The price recorded a historic 1000% rise in just a few days, surpassing the previous records of the other memecoins. This has also caused the token to replace Pepe as the third largest memecoin as per the market cap. The token is also recording volume in billions, which indicates massive interest among the market participants.
A similar trend was witnessed before, but let’s understand what led to this meteoric rise.
Binance did not squander any more time during Shiba Inu & Pepe. The platform listed these tokens, which propelled the price heavily, which was followed by an extended descending consolidation. With this, many exchanges also listed the token, like Coinbase, KuCoin, Crypto.com, etc., and many more. Investors seem to have caught up with FOMO, as they have previously witnessed with the other popular memecoins. BONK’s rise is also intertwined with Solana’s impressive performance in 2023 The BONK’s impact also goes beyond trading, as Saga phones are flying off the shelves as users chase a 30 million BONK airdropThe BONK craze also extends to the Saga Discord server, with newcomers grabbing the phone to qualify for airdrop, turning the phone into a hot commodity
Will the History Repeat? Will the Market Participants Get Detached from BONK?
It has been previously observed that the popular and trending token has attracted more expectations from market participants. Back in 2021, during the bull run, the investors believed more in Dogecoin, which did surge by 10x to 15x but ended up losing all the money. Besides, a similar trend was also seen with SHIB and PEPE, but still, market sentiments remain bullish on these tokens.
These short-term rallies are usually used to generate profit, which is then used to buy back Bitcoin or Ethereum. Therefore, when the BTC rally begins, these memecoins may enter a prolonged consolidation and experience minor pullbacks, as is happening with DOGE, SHIB, & PEPE. Presently, the DOGE price is struggling to rise above $0.1, while SHIB is utilizing all its power to sustain above $0.00001, and PEPE is close to $0.0000015, while their ATHs are around $0.7376, $0.00008845, & $0.000004354, respectively.
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