Buğra KOSEMEK 
The season for dog-themed cryptocurrencies has returned with Bonk Token, offering investors the opportunity to multiply their investments several times over.
After attracting attention last year by organizing an airdrop for investors in 2023, BONK, a Shiba Inu-themed token released in December, saw a gain of over 1,000% last month due to increased capital inflows into the Solana blockchain and escalating betting risks.
Having surged by over 70% since the weekend, BONK has risen to third place among dog-themed tokens, following Dogecoin (DOGE) and Shiba Inu (SHIB). With a market cap of $500 million, BONK has surpassed FLOKI at $400 million and BabyDogeCoin at $350 million, capturing everyone’s attention.
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The Bonk project, which initially began as a meme-coin, swiftly adapted to the Solana ecosystem. The project comprises a team of 22 members without a single leader. Given the team’s prior experience in developing decentralized applications (dApps) and NFTs on Solana, they are highly skilled.
The robust interest in the Solana ecosystem since October has boosted the attractiveness of the BONK token. With an average daily transaction volume of around $8 million at the beginning of November, the token surpassed $80 million on Tuesday, marking a tenfold increase.
Data indicates that investors have opened highly leveraged positions alongside price hikes. Open positions, which were below $10 million at the start of November, surged to over $100 million on Tuesday, showcasing a remarkable increase.
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