Why Is BONK Price Pumping?

2024-12-21 15:44

BONK, the largest meme coin on Solana, pumped over 25% today amid broader crypto market recovery. During the recent market dip, BONK plunged to around $2 billion market cap, but is now at around $2.5 billion.

This means that among other big meme coins such as DOGE, SHIB, or PEPE, BONK had the best recovery from the dip. The token continues to show strong market performance, especially when compared to other meme coins in the space.

Robinhood listed BONK on Thursday – which could be the main reason behind BONK’s strong price recovery. The listing on such a major platform significantly increases accessibility for retail investors and adds another layer of legitimacy to the token.

Welcome to Robinhood, $BONK. pic.twitter.com/n5vHdzUe4j

— Robinhood (@RobinhoodApp) December 19, 2024

BONK’s all-time high (ATH) occurred in late November and reached around $3.5 billion, putting the current price 44% away from these levels. Despite the recent pullback, BONK has maintained strong community support and trading volume.

The narrative around BONK suggests it could become the largest dog meme coin behind DOGE. Considering the significant pumps of meme coins on Solana, this could materialize down the line in 2025. The token’s strong ties to the Solana ecosystem and growing community engagement continue to drive interest in the project.

This recent BONK price action follows a broader trend of increased activity in the Solana ecosystem, where meme coins have found particularly fertile ground.

Read also: Best Crypto Presales of January 2025 for Early Investor Gains – Next Pepe Unchained?

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bonk market around dip recent recovery plunged

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