Benzinga - Bonk (CRYPTO: BONK) has traded 11% higher in the past 24 hours, bringing its monthly gains to 150% and market capitalization to $2.03 billion. Its trading volumes have managed to match those of Dogwifhat.
What Happened: Franklin Templeton Digital Assets, in its March 2024 report titled, “Between Meme Coins And Their Native Networks” highlighted the strong relationship between meme coins and their native networks. Bonk’s daily active addresses in the fourth quarter of 2023 surged by 75% quarter-over-quarter, coinciding with the token’s price rally.
In response, Solana’s fastest Telegram Bot, BONKBot, tweeted, “First the boomers bought our Bitcorns. Next they buy our $BONK.”
CoinMarketCap recently awarded Bonk the "Meme Coin of the Year Award," recognizing it as the leading meme coin on Solana.
Also Read: Bonk 'Isn't A Meme Coin Anymore' After Robinhood Crypto EU Listing, Member Of Crypto's Voting Council Says
Why It Matters: With a price rally of 11% in the past 24 hours, trading volumes during the same period stood at $440 million, which is ahead of Dogwifhat’s trading volume of $413 million.
Unipics, also known as Bonk Guy, tweeted on March 13, that the “bottom is in or very close for Bonk.” He added, “When everyone feels 'it's dead/done,' is often when you should be max bidding.”
Looking at Bonk's timeframe of six months, he predicted Bonk will be one of the few meme coins to reach a $10 billion market capitalization during this bull run. He added, “$10 billion is the new $1 billion” noting that valuations will be driven by retail and perpetual ETF time-weighted average price (TWAP) buys, among other factors.
One of his tweet reads,
as usual, most ppl FUD or sell during periods of prolonged correction & consolidationwhich is when they should actually be buying
then they FOMO buy into green candles and then complain whenever there is a small pullback
anyway, you do you
BONK is headed higher
GOD WILLING
— Unipcs (aka 'Bonk Guy')