Bonk (BONK), a Solana-based meme coin, has gone up by 37.1% in the past 7 days to stand at $0.00001411 per coin.
Other tokens have been performing positively as well during this period, but BONK has emerged as the best-performing of the top 5 in this specific time frame, followed by Pepe (PEPE) and Dogecoin (DOGE) with 19.8% and 17.8% gains.
Meanwhile, the meme coin space as a whole has seen gains of 15.4% in the past week and its market capitalization has once again climbed above the $50 billion mark.
BONK is the fifth largest asset in this category, with a market capitalization of $1.1 billion. Although Bonk was originally minted in the Solana blockchain, it is now supported on 11 different chains.
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Meanwhile, the Bonk ecosystem has been expanding rapidly. It includes a decentralized exchange called Bonkswap, a staking platform called Bonkrewards, and, recently, the developing team launched an AI tool called BONKai.
Although BONK rose significantly in the past week, it is still trading at 76.3% below its all-time high of $0.00005916 from November last year.
In addition, the token has experienced a 53.8% loss since the year started as the entire meme coin space plummeted shortly after it rose to all-time highs on the back of Donald Trump’s victory in the November U.S. presidential election.
BONK Could Reverse its Downtrend if Positive Momentum Accelerates in the Next Few Days
BONK’s trading volumes have gone down by 56.7% in the past 24 hours as traders seem to have taken some profits off the table in the past couple of days following the 14% single-day rally that BONK experienced on Sunday.
The token bounced off the $0.0000900 level on March 11 and has gained 34.7% since then. Positive momentum has been picking up its pace as the Relative Strength Index (RSI) currently stands 33.5% above the signal line.
Meanwhile, the MACD’s histogram shows steadily rising positive momentum readings. The next target for BONK would be the $0.00001580 level, meaning that there’s still some upside potential ahead before the token hits a key resistance.
A break above that level would signal that a trend reversal is unfolding. This will be a critical test for the market as it could mark the beginning of a fresh bullish cycle for meme coins. Although it is still too early to tell, momentum readings are favoring a positive outlook for BONK.
Apart from BONK, a new Solana ICO called Solaxy (SOLX) has emerged to strengthen this blockchain’s ecosystem by solving its congestion issues. Just three months after its presale event launched, the project has raised nearly $28 million.
Solaxy (SOLX) Keeps Moving Forward with Its Roadmap After Raising Millions
Solaxy (SOLX) is a layer-two scaling protocol for the Solana network that aims to alleviate the latter’s congestion issues by introducing a side-chain that bundles transactions offline.
With $27.8 million raised already since its presale event kicked off in December last year, the developing team has secured the resources it needs to launch this L2 before the end of the first semester of 2025.
In its latest update to the growing community of investors, the Solaxy team said that they were focusing on increasing the protocol’s transactions per second (TPS) metric by working alongside a blockchain tech company called Sovereign Labs.
Once Solaxy is launched, $SOLX will likely experience significant demand as the protocol will be adopted by top wallets and exchanges to offer cheaper Solana transactions to its users.
Apart from the upside potential that $SOLX offers to early buyers, the project currently offers staking rewards of 146% to investors who are willing to lock up their tokens to secure the network.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap USDT, ETH, or SOL or use a bank card to make your investment.
