Why is Solana meme coin Bonk (BONK) surging?

Why is Solana meme coin Bonk (BONK) surging?

By Benson Toti - min read
  • Bonk price rose sharply after South Korea exchange Bithumb announced listing of BONK in the KRW market.
  • The Solana meme coin reached a two-week high as Bitcoin led the crypto market bounce.

Bonk (BONK), the first dog-themed meme coin on Solana, has picked up significant upside in the past 24 hours.

According to market data from CoinGecko, BONK price is up 9% and trading at $0.00002623 – the meme coin’s highest level in two weeks.

Why did the BONK price spike today?

Bonk’s performance in the past 24 hours aligns with an upward flip in crypto prices.

These came as markets reacted to the latest US inflation data that showed softer-than-expected CPI readings. As stocks jumped to weekly highs, Bitcoin surged past $66k to see analysts predict a potential bullish run to $74k.

The positive sentiment buoyed most altcoins, with Ethereum breaking above $3,000 and Solana surging above $160.

BONK price mirrored other meme coins, which saw slight gains as mega caps spiked.

On Thursday, Bonk extended gains amid news that Bithumb, the second-largest cryptocurrency exchange in South Korea, had announced BONK listing. 

The platform will open trading for BONK in the Korean won (KRW) on May 16 at 17: 00 pm. Bithumb will also list Zeta Chain (ZETA).

With South Korea one of the top crypto markets, Bonk’s listing on Bithumb looks set to enhance not just visibility but also liquidity for the meme coin. Trading volume was up 30% in early trading Thursday.

BONK price could break higher and retest levels seen in March and April. Bullish momentum is also likely to strengthen if the broader market continues higher.