The Solana-based meme coin BONK has shot up over 10% in the past 24 hours, with its price touching $0.00001876 before pulling back a little.
Given this spike, some traders think the coin might be giving a waking up call to Solana. They say the chart shows a shift. The price broke out of a long, slow fall and its trading volume also went up—all factors often result in renewed interest in the market.
According to data on CoinMarketCap, the trading volume for BONK increased by over 30% in the last 24 hours. If the price sustains above $0.000018, analysts think it could be headed for $0.00002 next.
Besides its meme-backed hype, there’s something else that’s making people watch BONK. The team earlier said that they will burn 1 trillion tokens once the number of holders hits one million. That burn hasn’t happened yet, but it’s close. If the coin gets more buyers, the burn could happen soon which eventually sends the BONK price soaring with striking gains.
Also Read: XRP Price Eyes $3.20 as Futures OI Nears $5B with 30% Surge
