TL;DR
The recent sensation in the cryptocurrency market – Bonk Inu (BONK) – seems to have caught the attention of Arthur Hayes (co-founder of crypto exchange BitMEX). He took it to X (Twitter) to praise the memecoin’s valuation performance by presenting a particular chart showing its rapid price swings.
Hayes went further, evisioning the Solana memecoin surpassing Shiba Inu and becoming the second-biggest digital asset of that type.
Despite its price explosion in the past several weeks, BONK’s current market capitalization of around $1.2 billion (per CoinGecko’s data) is far from SHIB’s almost $6 billion. However, the distance was not that huge a few days ago when the former’s market cap exceeded the $2 billion mark.
According to ChatGPT, BONK has a chance to flip Shiba Inu, but such an event depends on numerous factors. The AI-powered language model estimated that the Solana memecoin should build a solid community and match the one that SHIB has already established. It must also maintain the hype surrounding its name and perhaps receive endorsement by influential figures.
BONK has experienced a massive price increase of over 600% in the past 30 days, making it one of the top-performing assets in the entire realm. One element that could have prompted such a rally is the asset’s connection to Solana.
The latter has gone through a highly successful year (so far), jumping from a mere $10 on January 1 to almost $80 last week.
Another factor playing a role in BONK’s advancement could be the support from leading cryptocurrency exchanges. Recall that two of the biggest trading venues by market volume – Binance and Coinbase – listed the memecoin on their platforms.
