Solana-based meme coins Bonk (BONK) and Floki (FLOKI) have experienced a significant surge, rising over 15% in the last 24 hours.

At the time of writing, BONK has increased by 17%, currently trading at $0.000022. The market cap for this crypto asset is approximately $1.53 billion, ranking it as the 56th largest cryptocurrency. The daily trading volume for BONK has nearly doubled, reaching close to $300 million. However, it remains 46% below its all-time high of $0.000041, achieved on May 29.

BONK initially gained attention in 2023 during a new surge in meme coins that boosted Solana. Although it started as a dog-themed meme coin, BONK has expanded its utility to include decentralized finance (DeFi) integration. The project now collaborates with cross-chain communications protocols, NFT marketplaces, and other crypto market ecosystems. BONK trading pairs are available on major exchanges such as Binance, Coinbase, OKX, and Bitstamp.

Similarly, Floki, another canine-themed meme coin on the Solana blockchain, has witnessed a 15% price increase in the last 24 hours. Currently trading at $0.000172, FLOKI’s market cap is around $1.64 billion, with a daily trading volume of $301 million.

The surge in Floki followed after a whale, dubbed “0x403,” staked 14 billion FLOKI tokens valued at approximately $2.36 million.

This substantial staking is seen as a strong vote of confidence in Floki Inu’s long-term potential. Staking these tokens removes them from circulation, creating scarcity and potentially driving up the price due to supply and demand dynamics.

Other major dog-themed meme coins have also shown movement. Dogwhifhat (WIF) and Dogecoin (DOGE) recorded gains of 15% and 2%, respectively, over the past 24 hours. Meanwhile, Shiba Inu (SHIB) saw a slight decline of 0.22% within the same period.

Overall, the global cryptocurrency market is experiencing a 1.4% drop, bringing the total market capitalization to $2.24 trillion. The leading cryptocurrency by market cap, Bitcoin, is down by 3.36% in the last 24 hours, currently trading at $60,670.

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