Solana’s Bonk dominated, taking buy from smart money, do they know what?
The volatility of the cryptocurrency market is still high in meme coins such as Solana-based Bonk. Wild volatility continues to haunt the meme coins, but that doesn’t stop the intense purchases that have happened in the past few days. In fact, Bonk is the second largest meme coin for Solana blockchain, a descendant of Trump coins, who has been seeing a lot of buying from smart currencies.
Smart Money Still Buy Bunker
In X (formerly Twitter) post, The Solana Post revealed that Bonk remains a favorite among big investors as they continue to buy Meme Coin in large quantities. Using Stalk Chain’s data, it shows that Bonk has the most engagement among the famous meme coins on the Solana blockchain.
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Smart money investors refer to well-known investors, ultimately performing well. Their win rates are good and they usually buy tokens long before starting a rally and making the most profit. So when a large number of “smart currency” investors buy specific cryptocurrencies, they tend to get attention because this may be the next runner.
Solana Post revealed that Bonk Meme Coin received the most purchases from Smart Money, with investments of more than $500,000. It’s been spent in three days, and it’s ahead of other competitors like popcorn, Wif and Pengu.
While Bonk’s purchase is worth less than $600,000, the price of Pengu and Wif is less than $500,000, and Popcat is less than $200,000. This buying streak shows that these smart currency investors expect reward prices to rise, and buying volumes may drive it further.
Solana meme coins dominate space
Compared to Solana Meme Coins like Bonk, it has recently proven to be a better investment option compared to market leaders such as Dogecoin and Shiba Inu. Over the past month, Bonk has risen by more than 40%, while others like Popcat have risen by 43%, while Fartcoin has risen by 32%. Dogwifhat performed well in this time frame, with its price rising by more than 100% and up $1 again.
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By comparison, at the time of writing, Dogecoin’s price has risen by 25.55% from the monthly chart. On the other hand, according to CoinMarketCap, the situation for Shiba Inu is even worse, with only a 7.6% increase per month. Given the large variance in monthly earnings, the Solana Meme coin has proven to be a better option.
Featured pictures from dall.e, charts from tradingview.com
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