BONK's Trading Bot Revolution: Generates $4.8M Revenue, Fuels Massive Growth In Solana Ecosystem

On Friday, the Solana (CRYPTO: SOL) ecosystem's standout token and one of this year's top-performing cryptocurrencies, BONK (CRYPTO: BONK), experienced notable gains.

What Happened: Bonk (CRYPTO: BONK) has surged by 12% in the last 24 hours, bringing its 30-day increase to over 264%. The trading volume expanded by 98.6% in the same period. Year-to-date, the memecoin has skyrocketed by 7,663.7%.

According to CoinGape, BONK's price is currently under considerable downward pressure, having broken below the 50 EMA on the 4-hour chart and showing a rapid decline. This trend is affecting its market value and may indicate an impending death cross on the 4-hour chart.

However, the report also notes that, despite this week’s downturn, the recent bullish trajectory offers hope for BONK's price. It further suggests the likelihood of a continued positive trend, supported by optimistic market sentiment and the token's expanding community in the weeks ahead.

Also Read: Is Santa Betting On BONK? How Solana's Memecoin Jingled All The Way To $1B Market Cap Club Containing Shiba Inu, Dogecoin

Why Does It Matter: BONK recently launched a trading bot, which accounted for over 70% of the daily trading volume generated by decentralized exchange (DEX) bots in the past week. This resulted in approximately $4.8 million in fee revenue during that period, matching the levels of prominent DeFi protocols like Aave and Curve.

Blockworks Research analyst Dan Smith took to X, stating, “Bonk Bot is doing insane numbers, and at this point in the cycle? Buckle up. Absolutely swallowed the bot market. BONK might just be a tech company wrapped in a memecoin after all.”

Forbes 40 under 40, crypto writer, Elja took to X and stated that the 10 biggest crypto airdrops included BONK with $1.325 billion while the total free money stood at $21.7 billion.

Crypto trader, Wealth took to X and said, “Still accumulating #Bonk.”

Another X user, Ansem, trader journal writer, said, “did the math on bonk bot's current revenue numbers and w/ 40% going back to buying+burning bonk, bonk stakers, & bonk team, they are running at 100M annualized rev/year, so bonk effectively trading at a lower rev multiple than nearly all defi protocol.”

Read Next: Why is BONK Down 15% Today? Solana Ecosystem Tokens Witness Profit-Taking After Rally

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