cryptocurrency exchange Cryptocurrency news

Dogecoin competitor BONK continues its precipitous rise

Dogecoin (DOGE) competitor Bonk (BONK) continues its strong rise, almost doubling its price in the last 24 hours.

The meme asset, which was built on the Solana (SOL) smart contract platform, recently surpassed rival Shiba Inu (SHIB) in daily trading volume en route to its price of $0.000028 at the time of writing, a gain of 89.3% during the last day.

The price increase comes after two major crypto exchange platforms, Binance, the world’s largest digital asset exchange by volume, and, announced that they would be adding support for memecoin.

On December 14, Binance said it would list BONK with a “seed” label, meaning it could exhibit more volatility compared to other digital assets, while said it would add BONK to its app.

Coinciding with the meme asset’s price surge, Solana Mobile announced that its Saga smartphone is out of stock in the US. According to initial coin offering (ICO) tracking platform ICO Drops, in June, Solana promised an airdrop 30 million BONK to anyone who bought the phone.

“BONK, a meme coin on Solana, announced in June the airdrop of 30 million tokens for anyone who downloads the Bonk app through the Saga DApp (decentralized application) store. The drop value at the beginning of December was about $110, but in a month the token grew by 650% and now the drop is about $650. The Solana Saga phone costs $599. Because of this arbitrage opportunity, the Saga sales increased 10 times in the last 48 hours.”

The price of BONK has seen an increase of 866% since November 17, when it was trading at $0.00003.

Leave a Reply

Your email address will not be published. Required fields are marked *