Volatility in the crypto market remains high and meme coins such as Solana-based BONK have not been left out of this.
In the realm of crypto, meme coins have always been a hot topic, especially when it comes to Solana-based tokens like BONK. Despite the market's volatility, which has been persistently high, meme coins have managed to capture the attention of investors.
Among the most interesting trends to observe is the participation of "smart money" in these meme coins. As explained by The Solana Post in a recent X post, when breaking down data from Stalk Chain, it seems that a significant portion of the buying activity is coming from investors who are typically early to identify winning tokens.
These investors, often recognized for their acumen in selecting tokens that perform well over time, are making large-scale purchases of meme coins, which could be heating up the market and attracting attention towards these tokens. Among the meme coins being targeted by smart money, BONK, the second-largest meme coin on Solana, stands out.
Over the last three days, smart money has been buying BONK the most, with a total buy value of over $500,000. This is in stark contrast to other popular meme coins like POPCAT, WIF, and PENGU, which have seen less interest from smart money.
POPCAT, for instance, has only seen around $190,000 in buys over the last three days, while WIF has seen a little over $500,000 in buys. PENGU, on the other hand, has seen around $438,000 in buys over the last three days.
This influx of investment from smart money might be a factor in the recent price increases for BONK, which has seen a 40% rally in the last month. This is in comparison to Dogecoin, the meme coin king, which has only managed a 25.55% rally in the last month.
Shiba Inu, the second-largest meme coin, has seen even less interest, with only a 7.6% increase in the last month, according to CoinMarketCap data.
This disparity in monthly returns might explain why Solana meme coins have proven to be a better investment choice recently.
