Bonk Outpaces Pepe to Become Third-Largest MemeCoin with 370% Monthly Gain
Summary:
Bonk (BONK), a Solana-based dog-themed meme token, has become the third-largest memecoin in terms of market capitalization, overtaking Pepe (PEPE). Bonk has observed a 370% surge in the past month, increasing its market cap to $762 million, while Pepe stands at $675 million. These impressive gains have surpassed those of other dog memecoins like Shiba Inu and Dogecoin. Often listed on major exchanges like Binance and KuCoin, Bonk's popularity has been rising, with increased trading volumes and price volatility. Since its launch in December 2022, Bonk has witnessed substantial growth despite periodical declines, becoming the best-performing mid-cap memecoin over the last three months.
In a surprising turn of events, Bonk (BONK), a memecoin based on the Solana network and inspired by dogs, has solidified its position as the third most valuable memecoin in terms of market capitalization. This happened as it eclipsed another memecoin, Pepe (PEPE), on December 8. Over the past month, Bonk has seen a whopping 370% increment in its price, catapulting its market cap to a mighty $762 million. As a comparison, Pepe’s market cap presently sits at $675 million, according to CoinGecko statistics. BONAK’s value has exponentially grown in the last 30 days, transitioning from $0.0000028 to $0.000012, as an influx of investors seek to cash in on the burgeoning interest in the Solana ecosystem. This considerable increase in Bonk’s price also supersedes the growth registered by other dog-themed memecoins such as Shiba (SHIB) and Dogecoin (DOGE) that reported gains of 20% and 35% within the same duration.
As of this reporting, Bonk is ranked as the third-largest memecoin, tailing behind Shiba Inu, the second-largest, and Dogecoin, the largest memecoin, commanding respective market caps of $6 billion and $14.4 billion. Bonk’s gains could be attributed to various elements such as its listing on major centralized exchanges like Binance and KuCoin. Moreover, futures data indicate a notable surge in the open interest within the last month. This amplifies the trading volumes of Bonk derivatives, thereby spiking the token’s price volatility.
Bonk was initially launched on December 29, 2022, and despite the bearish market trend, it experienced an impressive 3,766% spike in only its first week of trading. Starting from January 5, Bonk’s price began to tumble, stagnating for nearly a whole year close to its all-time lows. However, the tide seemed to change on October 21, 2023, as Bonk depicted signs of a revival and started recovering its value exponentially. Since then, Bonk has heavily profited by 6215%, thus making it the most high-performing mid-cap memecoin over the past three months.
Published At
12/11/2023 5:10:00 AM
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