Kyle Chassé, a prominent crypto community figure who has been a Bitcoin investor since 2012, has argued that BONK will outpace Shiba Inu.
In a recent tweet, Chassé shared insights on the emerging dynamics of the crypto meme coin market. According to Chassé, memes-inspired crypto projects are a driving force behind the adoption of cryptocurrencies in the current cycle.
He noted meme tokens are catalysts drawing individuals unfamiliar with the space into crypto. Drawing parallels to past instances, he pointed out the frenzy that followed Dogecoin’s (DOGE) and Shiba Inu’s (SHIB) meteoric rises.
Also, Chassé cited the Pepe (PEPE) craze, which the crypto industry witnessed early this year. Essentially, he affirmed that the DOGE, SHIB, and PEPE had played roles in fostering adoption through meme-centric strategies.
Meanwhile, a similar trend is fast emerging, with Bonk (BONK), a meme-themed project on the Solana blockchain.
BONK Flipping Shiba Inu
In particular, Bonk (BONK) is raging through the crypto industry, recording astronomic growth percentages amid the broader market correction.
According to data from CoinMarketCap, BONK has grown over 703.97% from $0.000002978 to $0.00002473 in the last 30 days. While BONK investors recorded this explosive yield, Shiba Inu and DOGE saw a paltry 10% and 18.21%, respectively, within the same period.
Meanwhile, on a 90-day scale, BONK has surged 13,623.88% from $0.0000001792 to its current market value.
Also, BONK now sits at position 50 in the ranking of prominent crypto projects at the time of reporting. It secured a trading volume of over $1.34 billion in the last 24 hours. Emphatically, the Solana meme token was the eighth most traded crypto over the past day.
However, Shiba Inu barely saw a fraction of BONK’s trading volume. Amid these extraordinary performances observed for BONK, the Bitcoin OG boldly stated: “I think BONK will flip SHIB.”
Memes are leading adoption in this cycle and bringing normies into the crypto realm.
Previously we saw $DOGE, $SHIB & $PEPE do this too.
I think $BONK will flip $SHIB ?
— Kyle Chassé (@kyle_chasse) December 15, 2023
Why’s BONK Growing 13,623%?
This distinctive scenario unfolded following the information of a 30 million BONK token airdrop exclusively available to crypto enthusiasts who download the Bonk app through the Saga phone dApp store.
While the Saga phone sells for $599, the value of the BONK airdrop has reached approximately $926. This significant price differential has given rise to a compelling arbitrage opportunity as the value of the airdrop exceeds the cost of the phone itself.
As a result, a wave of buyers has been drawn to the Saga phone and, by extension, BONK, amplifying its market value.
Besides, leading exchanges like Binance and Coinbase have listed BONK. The recent lists have further bolstered the digital asset’s prominence, with an investor recording a $784k profit.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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