Memecoins are leading cryptocurrency gains early Thursday morning, after Bitcoin (CRYPTO: BTC) nearly topped $110,000.
What happened: Solana (CRYPTO: SOL)-based Bonk rallied over 21% to become the market’s most profitable cryptocurrency in the last 24 hours.
The dog-themed coin’s trading volume exploded 336% to nearly $560 million in the last 24 hours, suggesting high buying pressure. Open interest exploded 40% in the last 24 hours, according to Coinglass.
Widely followed cryptocurrency trader Bluntz projected Bonk to surge by “at least” 100%-130%, but did not provide a specific time frame.