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Volatility in the crypto market remains high in meme coins such as Solana-based BONK have not been left out of this. The wild fluctuations continue to plague the meme coin, but this has not stopped the intense buying that has been going on over the last few days. In fact, BONK, which is the second-largest meme coin on the Solana blockchain behind TRUMP coin, has been seeing large buy-ins from smart money.
Smart Money Are Still Buying BONK
In an X (formerly Twitter) post, The Solana Post revealed that BONK is still a large investor favorite as they continue to buy heavily into the meme coin. Using data from Stalk Chain, it showed that among the prominent meme coins on the Solana blockchain, BONK has seen the most participation from smart money investors.
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Smart money investors refer to investors who are known to buy in early to tokens that end up doing well. They have a decent win rate and more often than not, end up buying a token long before they begin rallying and make the most gains. Hence, when a large number of these ‘smart money’ investors are buying a particular cryptocurrency, they tend to attract attention as it could be the next runner.
The Solana Post revealed that the BONK meme coin had been getting the most buy-ins from smart money, with over $500,000 invested. This was taken over a period of three days, and it was miles ahead of other competitors such as POPCAT, WIF, and PENGU.
Source: Stalk Chain
While BONK’s buy value came out to just under $600,000, PENGU and WIF were under $500,000 and POPCAT was under $200,000. This buying streak suggests that these smart money investors are expecting the BONK price to rise and the buy volume could contribute to push it further.
Solana Meme Coins Dominate The Space
Solana meme coins like BONK have proven to be a better investment choice recently over the likes of market leaders such as Dogecoin and Shiba Inu. In the last month, BONK has rallied over 40%, while others like POPCAT is up 43%, and FARTCOIN has risen 32%. Dogwifhat has performed exceptionally well during this time frame, rising more than 100% to double its price and rise above $1 again.
Related Reading: Dogecoin Price Roadmap To $5: These 5 Bullish Factors Lead The Way
In contrast, the Dogecoin price is up 25.55% on the monthly chart at the time of this writing. Shiba Inu, on the other hand, has done even worse, with only a 7.6% monthly increase, according to data from CoinMarketCap. Given the wide disparity in the monthly returns, Solana meme coins have proven to be a better option.
Price reverses from lows | Source: BONKUSDT on TradingView.com
Featured image from Dall.E, chart from TradingView.com
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