Why Is Solana’s Meme Coin BONK Up 42% Today?

Solana’s BONK BONK/USD meme token continues its surge upward, approaching an all-time high of $0.000014 after a jump in demand of 42% within 24 hours. Contributing to this growth is a recent call by Coinbase exchange to include the crypto in their “listing roadmap” – an indication for potential to add it to their approved listings. This comes on the heels of bullish comments from cryptocurrency analyst Altcoin Sherpa who noted that the token may be trending up. According to Sherpa, “$BONK: Next leg coming? Probably good to have some exposure to this meme-wise. I’m already all out of my position but thinking about re-entering.” Bearing witness to this renewed market pride, Bitcoin rose 5%, and meme token darlings Dogecoin and Shiba Inu notched 5-6% respectively.

Bolstering this market enthusiasm is the decision by the Federal Reserve to maintain its benchmark interest rate and offer adjustments as early as 2024 to come. After generations of favoring central channels for traditional fiscal policies, altcoins in the meme space have demonstrated growth potentials seldom seen elsewhere.

This uptrend is suggestive of more strides to come, as investors turn to BONK and similarly novelty tokens that support the technical underpinnings of real-world growth possibilities. How much an investor choose to wager now may potentially lead to a multi-hundred thousand Dollar payoff one represented should SHIB rally up to one cent.</p

Robert Wilson author
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