Memecoins seem to be back in form as the cryptocurrency market recovers from its recent plummet. Solana-based memecoin BONK is currently the best-performing crypto asset among the top 100 projects. The dog-themed cryptocurrency has rallied by over 30% in the last 24 hours, more than 81% in the weekly charts, 14.4% over the previous month, and 3841.8% since April 2023.
Also Read: Solana (SOL) Signals Surge to $170; How High can it go in 2024?
Other memecoins, such as PEPE, Floki, and dogwifhat, are also among the best-performing cryptocurrencies in the market currently. BONK’s latest rally could be due to a proposal to burn 280 billion tokens from the circulating supply. Reducing supply is considered bullish as it may lead to an increase in demand. Investors may be anticipating a rally when the burns occur.
Will the Solana-based memecoin hit $0.001?
According to CoinCodex, BONK will continue its…
