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- Solana-based BONK is now the third largest memecoin in the crypto industry.
- Recent growth push was spurred by exchange listings including the latest from Coinbase.
Bonk (BONK), a dog-themed memecoin built on the Solana blockchain, has recently made headlines by surpassing Pepecoin (PEPE) to become the third-largest memecoin by market capitalization. Its extraordinary 370% monthly gain has propelled its market cap to $933 million, overshadowing Pepe’s $616 million, according to CoinGecko’s data.
Bonk Prints Meteoric Rise
Over the past 30 days, Bonk has experienced an impressive surge in value, climbing from $0.0000028 to $0.000012. This surge also outpaced more established dog-themed memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) in terms of percentage gains.
At the time of writing, Bonk has continued its upward trajectory, printing a 50.8% surge within the past 24 hours to reach a price of $0.00001522. Over the past week, the meme token has demonstrated remarkable growth, with an increase of 67.89%. In contrast, Pepe (PEPE) is trading at $0.00000146, with a 9% increase in the past 24 hours and a market cap of $616,856,513.
Several factors can be attributed to Bonk’s astonishing gains. Firstly, the coin’s listing on major centralized exchanges like Binance and KuCoin has provided it with increased exposure and liquidity. To complement this, Coinbase announced it’s listing for today, driving it’s unprecedented rally in the past 24 hours.
Futures data also indicates a substantial surge in open interest over the past month, signifying heightened trading activity in Bonk derivatives and contributing to the coin’s price volatility.
Furthermore, Bonk’s success corresponds to the growing popularity of the Solana blockchain. SOL, the blockchain’s native token, has risen to sixth place in market value. The increased interest in Solana, fueled in part by the recovery from the fallout from FTX’s crypto exchange crash, has positively impacted Bonk’s value. Solana and related tokens have demonstrated resilience, defying predictions of a market downturn.
Bonk’s rise is also affected by the growing interest in the Solana ecosystem by major corporations such as Visa and Shopify. Potential collaborations and prospective investments from these industry titans have instilled wealth and confidence in the network.
A Rare Journey to Prominence
Since its launch on December 29, 2022, Bonk experienced a remarkable 3,766% uptick within the first week of trading, despite initial challenges in the bear market. Although the coin witnessed a decline from January 5, 2023, it staged a remarkable turnaround on October 21, 2023. From that date, Bonk has recorded an astounding 6,215% gain, solidifying its position as the best performing mid-cap memecoin of the last three months.
Bonk’s rise exemplifies a broader trend in which investors increasingly view memecoins as viable financial choices that offer substantial returns rather than mere novelty items. This shift in mindset is crucial for the future of meme coins, indicating a wider acceptance and integration into the mainstream crypto market.
As memecoins continue to capture the attention of investors, their impact on the broader crypto ecosystem is likely to become even more pronounced in the future.
