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Memecoins Spearhead Crypto Market Revival, with BOME and BONK Leading the Charge
- Bitcoin shows modest recovery, while memecoins like BOME and Bonk experience significant gains linked to Solana ETF news.
- Book of Meme (BOME) surges 17% as Solana attracts interest for its ease of creating and deploying new memecoins.
- Akash Network emerges as the top non-memecoin gainer, rising 19%, likely boosted by rising interest in AI-related projects.
Bitcoin and most other major assets have started to recover from the recent slump, with BTC gaining close to one percent in the past 24 hours. But it’s other assets that take the lead, with memecoins once again topping out the leaderboard.
Related: Is the Crypto Bull Market Over? Miles Deutscher Weighs in with Decisive Insights
Book of Meme (BOME) Beats Competition
Solana-based Book of Meme (BOME) has gained as much as 17% in the past 24 hours. BOME currently trades at US$0.01074 (AU$0.01504) as per data from CoinMarketCap.
The surge follows news that VanEck has just listed a Spot Solana ETF application in the United States, an industry first. Solana has seen a huge boom recently with a slew of new memecoins due to the ease with which new memecoins can be created and deployed on its platform.
SOL itself gained almost 8% on the news. Approval of such a fund is still pending, awaiting clarification of SOL’s status as either a security or a commodity.
BONK Follows BOME Closely
Another big gainer is Bonk, the original Solana memecoin, which has enjoyed a huge rally over the past six months or so. Bonk gained close to 12% on the Solana ETF news, still well under its all-time high from May 2024.
Bonk is now listed and can be traded at major exchanges such as Binance, Coinbase, Bybit and Kraken. Looking for a local Australian crypto exchange? Check out our guide for the Best Crypto Exchanges in Australia in 2024.
Akash Network Biggest Non-Memecoin Gainer
Akash Network (AKT) is the only non-memecoin that sits in the top three of gainers over the past 24 hours. AKT has gained over 19% in the past day, overtaking BOME while writing this. Currently one AKT trades for US$3.63 (AU$5.46) according to CMC.
The Akash Network is a decentralised computing marketplace where users can trade computing power on an open-source platform.
Related: Introducing Blinks: Blockchain Links Arrive on Solana – Here’s Why It Matters
Utilising blockchain technology from Cosmos SDK and Tendermint, it ensures secure transactions with Akash Token (AKT) and simplifies app deployment via Kubernetes-managed Docker containers, from bidding to scaling.
It’s likely that AKT’s price surge is due to increased interest in AI-related projects and tokens, underscoring that the hottest narratives currently are memes and AI.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
