The new Solana-based meme coin Bonk (BONK) has attracted a surge of attention in recent weeks, mirroring the viral interest Dogecoin saw in 2021. According to data analytics firm Santiment, Bonk and other meme cryptos are poised to lead the market in 2024 as investors continue seeking short-term profits.
Bonk, billed as a rival to popular dog-themed coins like Shiba Inu and Dogecoin, launched on the Solana blockchain this year as the first meme coin native to that network. Over the past month, Bonk prices have skyrocketed over 700% as the crypto community and traders embrace the latest meme coin craze.
This parabolic rise for Bonk is reminiscent of the meme coin mania surrounding Dogecoin last year. In early 2021, Elon Musk’s high-profile advocacy helped propel Dogecoin over 7,000% higher for the year, climaxing with an all-time high of $0.7376 on May 8, 2021.
Santiment noted strong similarities between the current attention on Bonk and 2021’s Dogecoin frenzy. The analytics firm believes meme coins and NFTs will continue driving crypto markets through 2024, as short-term speculators dominate price action.
