Coinbase Effect? Dogecoin Rival BONK Soars 75% — Analyst Projects '20x' Surge For The Meme Coin

Solana’s SOL/USD meme token BONK BONK/USD has recorded a 75% increase in price within a 24-hour period. It is now standing out as one of the lead performers in the CoinMarketCap top 100 cryptocurrencies.

What Happened: BONK’s trading volume has skyrocketed by 140%, reaching $681 million, as per the latest figures obtained from CoinMarketCap. 

The two biggest meme cryptocurrencies by market capitalization Dogecoin DOGE/USD and Shiba Inu SHIB/USD were up 4-6% in the last 24 hours.

The rise in BONK's price can be attributed to Coinbase, a cryptocurrency exchange platform adding Solana's meme coin to its roadmap. 

Additionally, BONK has added its community with the debut of BONKBot, a program designed to facilitate the trading of crypto assets on Telegram.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Joe Vezzani, CEO of social intelligence firm LunarCrush, acknowledged the stride of BONK, tweeting, “$BONK and $WOO at the top of the AltRank list. We’re baaaacckkk.” 

The pseudonymous crypto analyst Kaleo pointed to an even brighter future for BONK, predicting a possible 20-fold increase in value.

Meanwhile, crypto analyst Ali Martinez provided a more cautionary perspective, suggesting that BONK could be heading toward a month-long correction period. He based this forecast on the reversal of a key market indicator which is presently signaling a potential sell-off.

Photo by stockphoto-graf on Shutterstock

Price Action: At the time of writing, BONK was trading at $0.000024, according to Benzinga Pro.

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