Solana-based meme coins BONK and FLOKI surge amidst market downturn

Solana-based meme coins Bonk (BONK) and Floki (FLOKI) have outshined most of the popular meme coins with over a 15% surge in the last 24 hours.

At the time of writing, BONK was up 17%, exchanging hands at $0.000022. The crypto asset’s market cap is currently sitting at $1.53 billion, marking it the 56th largest cryptocurrency per data from CoinMarketCap.

The token’s daily trading volume doubled over the past day, reaching almost $300 million. However, BONK is still down 46% from its all-time high of $0.000041, which it attained on May 29.

Bonk is a meme coin that rose to prominence in 2023, surging as a new boom in meme coins drove Solana higher.

Originally just another dog-themed meme coin, it has gradually expanded its utility to include decentralized finance (DeFi) integration. The project also works with cross-chain communications protocols, NFT marketplaces, and other crypto market ecosystems.

BONK trading pairs are now listed on popular exchanges, including Binance, Coinbase, OKX, and Bitstamp.

Meanwhile, Floki, another canine-themed meme coin on the Solana blockchain, has also seen its price surge by 15% in the last 24 hours. The crypto asset, now trading at $0.000172, has its market cap hovering close to $1.64 billion with a daily trading volume of $301 million.

The surge in Floki followed after a whale, dubbed “0x403,” staked 14 billion FLOKI tokens valued at around $2.36 million.

The whale’s decision to stake such a large sum is interpreted as a strong vote of confidence in Floki Inu’s long-term potential. Staking essentially removes these tokens from circulation, resulting in scarcity. With fewer FLOKI tokens available, supply and demand could drive up the price.

Among the other major dog-themed meme coin players, dogwhifhat (WIF) and Dogecoin (DOGE) recorded gains of 15% and 2%, respectively, in the past 24 hours. Meanwhile, Shiba Inu (SHIB) was seen with a 0.22% drop in the same timeframe.

Meanwhile, the global cryptocurrency market is still reeling from a 1.4% drop, bringing its market capitalization to $2.24 trillion.

The world’s leading cryptocurrency by market cap, Bitcoin, is seen in the red with a 3.36% drop in the last 24 hours, currently being traded at $60,670.