Solana-Based Bonk Sees Major Reversal: Outshines Bitcoin, XRP
Solana-based memecoin, Bonk (BONK), is seeing quite a healthy reversal. According to CoinGecko, the dog-themed memecoin has rallied 8.1% in the last 24 hours, 28.5% in the last week, 18.7% in the 14-day charts, and 49.9% since September 2024. Despite the rally, BONK’s price is down 3.4% over the previous month. BONK is currently outperforming industry giants, such as Bitcoin (BTC), Ethereum (ETH), XRP, BNB, etc. Source: CoinGecko Will BONK’s Price Rally Continue? Source: Inside Bitcoins BONK’s latest price spike could be due to low inflation figures for the month of August. Although inflation numbers have risen, the chances of an interest rate cut this month are still high. Interest rate dips usually lead to investors taking on more risks. Memecoins carry some of the highest risks in the market, and may see continued rallies if the Federal Reserve rolls out a 25 basis point rate cut. BONK’s current price spike could also be due to Solana (SOL) experiencing a pric...