Solana News Today: BONK surges 144% on Solana's 29% rally analyst highlights safer bet in meme coin sector

BONK, a meme coin launched on the Solana blockchain, has emerged as a focal point for investors following a 144% price surge in the past month. Crypto analyst Bags Only, a YouTube content creator with over 30,000 subscribers, has highlighted the token as a potentially safer bet within the volatile meme coin sector during this bull cycle. While emphasizing that no cryptocurrency is risk-free, Bags Only notes BONK’s alignment with Solana’s momentum and its demonstrated ability to establish a solid price floor [1].

The analyst draws a direct correlation between BONK’s price movements and Solana’s performance, likening the relationship to how Turbo mimics Ethereum. Solana has gained 29% in recent weeks, while BONK’s 144% rally underscores meme coins’ tendency to amplify broader market trends. Bags Only points out that BONK was absent during Solana’s 2021 surge, when the blockchain’s market cap expanded from $3.2 billion to $69 billion in seven months. If a similar trajectory unfolds this time, BONK could benefit from a “trickle-down effect,” as meme coins often follow their native chains during bull runs [1].

BONK’s market cap reached $3.72 billion during its December 2023 peak, closely mirroring Solana’s all-time high. The analyst posits that if Solana’s market cap surpasses $200 billion again, BONK could see a corresponding major move. This scenario, however, remains speculative and contingent on Solana’s performance [1].

Bags Only also underscores BONK’s growing recognition in mainstream and niche financial circles. The token has garnered attention on Nasdaq and been flagged by Webtrend.co as a top market mover, adding layers of credibility amid a landscape rife with hype-driven projects and pump-and-dump schemes [1]. Comparisons to PEPE further highlight BONK’s potential: if it matched PEPE’s $11 billion all-time high, it would represent a fourfold gain from current levels. The analyst forecasts that a 10X or 15X return is plausible in a sustained bull market, though such projections remain theoretical [1].

Despite these bullish indicators, Bags Only cautions that BONK remains part of a speculative asset class. Its relative safety is derived from its historical performance, Solana’s ecosystem strength, and emerging market validation—factors that distinguish it from less-established meme tokens. The analyst’s analysis reflects a cautious optimism, acknowledging both the token’s momentum and the inherent risks of the meme coin sector [1].

Source: [1] [Top Analyst Declares BONK the Safest Meme Coin This Cycle: Here’s What He Sees] [https://coinmarketcap.com/community/articles/6883960ddbb6924946204133/]