Most major meme coins have cooled their rally—though one “dog coin” is flying: Solana-based BONK.

The dog-themed token has exploded in value over the past 24 hours and is currently trading for $0.00001033, a nearly 35% rise in value in a day—making it the best-performing digital asset. It hit another all-time high today.

And over the week, it’s up over 162%, CoinGecko shows.

The token was launched a year ago but interest in it really surged last month when investors flocked back to Solana, the blockchain it runs on.

Solana is the blockchain behind the sixth biggest cryptocurrency, SOL. Investors are interested in Solana and its native coin SOL again because the network is cheaper and faster than others in the crypto industry. And as such, there’s a lower barrier to entry for things like DeFi and NFT trading compared to what similar activity will cost on Ethereum, the leading network for on-chain action.

Last month, SOL was one of the best-performing cryptocurrencies as hype around the asset combined with a short squeeze—when the price of an asset shoots up unexpectedly due to fo

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Author: Mathew Di Salvo

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