BONK Skyrockets by 3,600% After Launch, Crypto World Applauds

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The new cryptocurrency — Dog-themed meme coin — Bonk Inu (BONK) which works on the Solana blockchain network, has been staging a good performance in the crypto market. Since its launch on January 3, 2023, the coin shot up to $0.0000090112.

In the eyes of several crypto analysts, the upsurge of the BONK coin after a brief period of launch is quite stunning.

Earlier today, crypto analyst Lark Davis tweeted that BONK hiked by 3,600% in a week.

$bonk is up about 3,600% in a week! WTF?

— Lark Davis (@TheCryptoLark) January 4, 2023

In other news, Tulip Protocol, Solana’s first yield aggregation platform, has enabled BONK-SOL and BONK-USDC vaults for farming.

1/ The wait is over! Tulip has enabled BONK-SOL and BONK-USDC vaults for farming!

RT for a chance to win 50M of $BONK!

— Tulip Protocol (@TulipProtocol) January 5, 2023

BONK/USDT-1-Day TRading Chart (Source: TradingView)

At press time, BONK was trading at $0.0000034315, with an intraday high of $0.0000068060. Although BONK’s current price is slightly less compared to the past day, the coin is expected to climb up in the future, unless a bearish situation protrudes. The coin soared by 80.25% high in the past 24 hours.

Meanwhile, in the 4-hour trading chart, BONK shows a red candle, which is a hurdle for the coin to move up in the following hours. However, analysts predict that BONK would continue tapping higher prices in the days after.

Notably, 50% of the BONK supply was airdropped to the Solana community. Among this, 20% went to Solana NFT collections, 5% to Solana developers, 10% to Solana collectors and artists, and 15% to early OpenBook traders.

As BONK is built on the Solana network, the price of SOL surged high in the past few days. Among the top 50 coins by market cap, SOL is the only coin that surged by a record 39.48% in the past week. Currently, SOL is 3.80% low in the past 24 hours, but 40% high in the past week. Also, the coin trades at $13.20, as of this writing.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


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