TL;DR

1. Arthur Hayes’ Spotlight on BONK: BitMEX co-founder Arthur Hayes praised Bonk Inu (BONK) on Twitter, suggesting it might surpass Shiba Inu. BONK’s market cap stands at about $1.2 billion, in comparison with SHIB’s practically $6 billion.
2. BONK’s Progress Elements: ChatGPT signifies BONK might doubtlessly overtake SHIB by constructing a powerful neighborhood and sustaining hype. Its market cap not too long ago reached over $2 billion.
3. Key Drivers of BONK’s Surge: BONK’s 600% worth improve in 30 days may very well be linked to its affiliation with Solana and listings on main exchanges like Binance and Coinbase.

BONK’s Possibilities

The current sensation within the cryptocurrency market – Bonk Inu (BONK) – appears to have caught the eye of Arthur Hayes (co-founder of crypto change BitMEX). He took it to X (Twitter) to reward the memecoin’s valuation efficiency by presenting a specific chart exhibiting its speedy worth swings.

Hayes went additional, evisioning the Solana memecoin surpassing Shiba Inu and changing into the second-biggest digital asset of that kind.

Let’s do the rattling thang.$BONK > $SHIB

🫡🫡🫡🫡🫡🫡 pic.twitter.com/ZQB1WecBEl

— Arthur Hayes (@CryptoHayes) December 17, 2023

Regardless of its worth explosion prior to now a number of weeks, BONK’s present market capitalization of round $1.2 billion (per CoinGecko’s information) is way from SHIB’s nearly $6 billion. Nonetheless, the gap was not that massive a couple of days in the past when the previous’s market cap exceeded the $2 billion mark.

In keeping with ChatGPT, BONK has an opportunity to flip Shiba Inu, however such an occasion is dependent upon quite a few elements. The AI-powered language mannequin estimated that the Solana memecoin ought to construct a strong neighborhood and match the one which SHIB has already established. It should additionally keep the hype surrounding its title and maybe obtain endorsement by influential figures.

What Stands Behind BONK’s Surge?

BONK has skilled an enormous worth improve of over 600% prior to now 30 days, making it one of many top-performing belongings in all the realm. One ingredient that would have prompted such a rally is the asset’s connection to Solana.

The latter has gone via a extremely profitable yr (to date), leaping from a mere $10 on January 1 to nearly $80 final week.

One other issue taking part in a job in BONK’s development may very well be the assist from main cryptocurrency exchanges. Recall that two of the largest buying and selling venues by market quantity – Binance and Coinbase – listed the memecoin on their platforms.