{"id":50146,"date":"2023-01-17T16:04:35","date_gmt":"2023-01-17T16:04:35","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/34225\/Cryptoverse-Bitcoin-Is-Back-With-A-Bonk.html"},"modified":"2023-01-17T16:04:35","modified_gmt":"2023-01-17T16:04:35","slug":"cryptoverse-bitcoin-is-back-with-a-bonk","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/cryptoverse-bitcoin-is-back-with-a-bonk\/","title":{"rendered":"Cryptoverse: Bitcoin Is Back With A Bonk"},"content":{"rendered":"

Jan 17 (Reuters) – Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin.<\/p>\n

The No.1 cryptocurrency has clocked a 26% gain in January, leaping 22% in the past week alone, breaking back above the $20,000 level and putting in on course for its best month since October 2021 – just before the Big Crypto Crash.<\/p>\n

Ether has also risen, by 29% this year, helping drive the value of the overall global cryptocurrency market above $1 trillion, according to CoinGecko.<\/p>\n

“After a rough year last year for cryptos, we are seeing a form of mean reversion,” said Jake Gordon, analyst at Bespoke Investment Group, referring to the theory of asset prices returning to long-term averages.<\/p>\n

Researchers said investor bets on a rosier macroeconomic picture were driving a jump in riskier assets across the board.<\/p>\n

Few crypto tokens have benefited more than bonk, which was launched at the end of December on the Solana blockchain and had rocketed 5,000% by early January. It has since fallen back, though remains up 910% since the start of the year.<\/p>\n

It is the latest entrant to the hyper-volatile world of meme coins, cryptocurrencies inspired by online memes and jokes, and is modeled after the same grinning Shiba Inu dog as dogecoin – which itself was catapulted to fame by Elon Musk tweets.<\/p>\n

Bonk’s a puppy, though.<\/p>\n

Even at its peak it was worth just $0.000004873759 with a market capitalization of about $205 million.<\/p>\n

Other meme tokens are also up, with dogecoin and Shiba Inu up 19% and 27% respectively in 2023.<\/p>\n

But buyers beware.<\/p>\n

“Investors need to be especially cautious when it comes to coins like doge, Shiba Inu and bonk,” said Les Borsai, co-founder of digital assets services firm Wave Financial.<\/p>\n

“They fall just as hard as they surge.”<\/p>\n

Nonetheless, some market players pointed to the relative cheapness of these tokens – doge is worth about eight cents – as a reason why speculators were willing to place bets on them.<\/p>\n

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