Bonk (BONK) Gains Attention in Nigeria Amid Market Caution and Altcoin Trends

• Bonk (BONK), Sui (SUI), and Pepe (PEPE) have emerged as the top trending altcoins in Nigeria, driven by affordability, ecosystem growth, and memecoin revival respectively.

• Despite a broader market pullback, Nigeria’s crypto market remains resilient, with these altcoins showing significant gains and attracting retail interest.

• Ayotunde Alabi, CEO of Luno Nigeria, highlights BONK’s surge due to its low price entry and SUI’s growing institutional backing as key factors fueling their popularity.

Explore how BONK, SUI, and PEPE are shaping Nigeria’s crypto landscape with notable gains, ecosystem expansion, and renewed memecoin interest amid market consolidation.

Bonk (BONK) Surges Over 150% in Nigeria’s Crypto Market

Bonk (BONK), a Solana-based meme coin, has captured significant attention among Nigerian investors, surging by more than 150% in the last 30 days. This impressive rally is largely attributed to BONK’s affordability, making it an attractive speculative asset in a market where many top cryptocurrencies are perceived as overbought.

According to Ayotunde Alabi, CEO of Luno Nigeria, BONK’s popularity is fueled not only by the broader altcoin momentum but also by its low price point, which offers retail traders an accessible entry. This combination of factors has positioned BONK as a favored token for investors seeking early-stage opportunities with potential upside.

Currently trading at $0.00003, BONK has shown resilience with a 7% gain in the past 24 hours. Technical analysis suggests that sustained buying pressure could push BONK toward the $0.000038 resistance level, with a possible extension to its year-to-date high of $0.000040 if momentum continues.

BONK Price Analysis. Source: TradingView

Conversely, a weakening demand scenario could see BONK’s price retreat to around $0.000034, underscoring the token’s volatility and the importance of market sentiment in driving price action.

Speculative Appeal and Market Dynamics Behind BONK’s Rise

Bonk’s surge is emblematic of a broader trend where low-cost tokens gain traction during periods of market consolidation. Nigerian traders, in particular, appear drawn to the speculative potential of such assets, leveraging smaller capital outlays for potentially outsized returns.

Alabi emphasizes that while BONK benefits from the meme coin revival, its sustained growth will depend on continued investor interest and broader market conditions. This highlights the delicate balance between speculative enthusiasm and fundamental value in emerging crypto markets.

Sui (SUI) Gains Institutional Backing and Expands Ecosystem

Sui (SUI), a layer-1 blockchain token, has steadily gained momentum in Nigeria, buoyed by its expanding ecosystem and increasing institutional validation. The token’s total value locked (TVL) has risen by 25% since early July, reaching $2.148 billion according to DefiLlama, signaling robust network adoption.

Institutional investors such as Grayscale and VanEck have introduced new investment vehicles supporting SUI, enhancing its credibility and attracting Nigerian investors focused on long-term growth prospects. This institutional interest is a key driver behind SUI’s rising visibility in the market.

SUI TVL. Source: DefiLlama

Trading at $3.99, SUI’s price trajectory appears linked to network activity and capital inflows. Analysts suggest that if demand remains strong, SUI could test resistance levels at $4.09 and potentially $4.29, while a downturn in buying pressure may see a correction toward $3.68.

SUI Price Analysis. Source: TradingView

Institutional Validation and Ecosystem Growth as Catalysts

The growing institutional interest in SUI underscores a broader trend of professional capital entering emerging blockchain projects. Nigerian investors are increasingly attentive to these developments, viewing SUI as a promising platform with solid infrastructure and developer engagement.

This institutional backing, combined with rising TVL, suggests that SUI’s ecosystem is maturing, potentially positioning it for sustained adoption beyond speculative trading.

Pepe (PEPE) Benefits from Memecoin Revival in Nigeria

Pepe (PEPE) continues to maintain its popularity among Nigerian traders, buoyed by the resurgence of memecoins in the broader market. Over the past 30 days, PEPE has gained approximately 18%, reflecting renewed investor confidence in this niche segment.

Ayotunde Alabi notes that PEPE’s performance is partly influenced by the strong showing of established memecoins like Dogecoin (DOGE), which saw gains of around 30% in the same period. This memecoin revival has rekindled interest in smaller tokens such as PEPE, which trade at accessible price points.

Currently priced at $0.000012, PEPE has experienced a 5% increase in the last 24 hours. Technical forecasts indicate that if buying momentum continues, PEPE could rally to $0.000014. However, a shift in market dynamics could push the price down to $0.0000107.

PEPE Price Analysis. Source: TradingView

Memecoin Momentum and Market Sentiment

PEPE’s trajectory highlights the cyclical nature of memecoin popularity, which often correlates with broader market sentiment and social media trends. Nigerian traders remain engaged with these tokens, leveraging their volatility for short-term gains while monitoring the evolving memecoin landscape.

Conclusion

In summary, Nigeria’s crypto market demonstrates resilience amid a broader market pullback, with BONK, SUI, and PEPE leading the altcoin momentum. BONK’s affordability and speculative appeal, SUI’s institutional backing and ecosystem growth, and PEPE’s memecoin revival collectively illustrate diverse drivers shaping investor behavior.

As these tokens continue to evolve, Nigerian traders and investors should monitor market dynamics closely, balancing speculative opportunities with risk management strategies to navigate this vibrant and rapidly changing landscape.