Will BONK Flip Shiba Inu (SHIB)? Arthur Hayes Chips In

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 almost $6 billion.
2. BONK’s Development Components: ChatGPT signifies BONK might doubtlessly overtake SHIB by constructing a robust 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% value enhance in 30 days might 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 alternate BitMEX). He took it to X (Twitter) to reward the memecoin’s valuation efficiency by presenting a selected chart displaying its speedy value swings.

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

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

pic.twitter.com/ZQB1WecBEl

— Arthur Hayes (@CryptoHayes) December 17, 2023

Regardless of its value explosion up to now a number of weeks, BONK’s present market capitalization of round $1.2 billion (per CoinGecko’s knowledge) is way from SHIB’s nearly $6 billion. Nonetheless, the gap was not that vast a number 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 relies on quite a few components. The AI-powered language mannequin estimated that the Solana memecoin ought to construct a stable neighborhood and match the one which SHIB has already established. It should additionally keep the hype surrounding its identify and maybe obtain endorsement by influential figures.

What Stands Behind BONK’s Surge?

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

The latter has gone by way of a extremely profitable yr (up to now), 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 might be the help from main cryptocurrency exchanges. Recall that two of the most important buying and selling venues by market quantity – Binance and Coinbase – listed the memecoin on their platforms.