Solana’s Memecoins Render and Bonk Surge as Network Approaches All-Time High

• Solana has undergone a remarkable price surge that has been partially contributed by the commendable performance of Solana-based meme coins like Render and Bonk.
• Bonk’s recent listing on South Korea’s largest crypto exchange Upbit has contributed to the token’s price surge with the digital asset surpassing Dogwifhat in market capitalization.

Solana has been so far demonstrating bullish momentum. Over the past month, the digital asset has surged by 41.83% with a current market price of 235.35. Notably, this market price is close to its all-time high of $259.96, which was recorded on November 6, 2021.

Solana’s success, however, is not solely attributed to luck. Solana-based meme coins have also played a significant role through their price surges.

Render Price Jumps 40% Amidst Solana’s Bull Run

Render, a Solana-based protocol for GPU rental has emerged as a significant player in the cryptocurrency landscape. Recently, the Render token recently retested its $8 mark. This resurgence has ignited speculations among market participants who believe that the digital asset is on the path to challenge its all time-high of $13.60. This price was reached on March 17, 2024.

Following the current bullish momentum in the cryptocurrency market, RENDER price has been trading in the ascending channel pattern. Notably, this altcoin has been trading within this price trend since the month started. Moreover, with a market cap of $4.17 billion, it has secured the 29th position.

At the time of writing, the digital asset is exchanging hands with $8.02 marking a 49.27% in the past month.

If the current bullish sentiment persists, Render’s market price value could appreciate and reach its resistance level of $9 by the end of the week. Better yet, if this bullish market rides on high, the digital asset could even attain the $10 mark in the near future. However, if a bearish trend takes hold, the price could decline to the $7.185 support level. A failure to maintain this level could result in a further drop to the $5.50 support level.

Bonk has also cemented its position among the best performing memecoins on the Solana blockchain. In fact, today the digital asset surpassed Dogwifhat. This came by after BONK which currently trades at $0.00005308 surpassed WIF which is currently trading $3.22 by market cap.

Digging deep, BONK which currently holds a market cap of $4.03 billion has undergone a 44% and 128.61% surge in the past week and month respectively. On the other hand, its counterpart, WIF with a market cap of 3.25 billion, surged by 6.71% and 27.79% in the past week and month respectively.

BONK Price Surges After Upbit Listing

Another factor that has also contributed to the digital assets rally, is its recent listing on South Korea’s largest crypto exchange Upbit. The crypto exchange announced the launch of BONK’s Korean Won trading market. The listing significantly boosted trading volume for the meme coin driving BONK price even higher.

The South Korean exchange also announced that it will only support deposits and withdrawals for BONK through the guided network (BONK-Solana).

Meanwhile, Solana’s SOL is currently exchanging hands with $238.71 marking a 14.05% and 45.23% surge in the past week and month respectively. However,, Solana’s 24-hour trading volume has undergone an 8.99% decline stopping at $6.49B.

Notably, Solana’s market cap has declined by 1.60% stopping at $113.18B.

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