Solana-Based Meme Coin Surpasses Dogecoin and Shiba Inu, Becomes the Third-Largest Token

Solana-Based Meme Coin Surpasses Dogecoin and Shiba Inu, Becomes the Third-Largest Token

BONK Meme Coin Surpasses PEPE to Take Third Place

BONK, a meme coin built on the Solana blockchain, has recently outperformed popular meme coins like Dogecoin and Shiba Inu. As the price of SOL has been on a rally, BONK and other ecosystem coins have also experienced significant growth. This has resulted in BONK becoming the third-largest meme coin in the crypto space.

End of PEPE’s Dominance

Although BONK entered the meme coin market earlier than PEPE, PEPE managed to capture a larger market share and secured the third position for months. However, BONK’s recent surge in price has led to its market cap surpassing that of PEPE. Currently, BONK’s market cap stands at $717 million, while PEPE’s is at $650 million.

BONK Outperforms Top Meme Coins

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BONK has also outperformed other top 10 meme coins by market cap in the past week. Within this period, BONK’s price has risen by 192%, while PEPE and FLOKI only saw increases of 40% and 27%, respectively. Even 9GAG’s Memecoin (MEME) falls behind with a 41% gain over the same timeframe.

Rapid Growth in Price and Trading Volume

In just 24 hours, BONK’s price surged by 40%, accompanied by a significant increase in trading volume. The daily trading volume for BONK currently stands at $213 million, marking a 119% increase from the previous day’s figures according to CoinMarketCap.

Positive Indicators for DOGE and SHIB

Both Dogecoin (DOGE) and Shiba Inu (SHIB) have seen price increases, with DOGE rising by 15.4% and SHIB by 20.1%. Additionally, for SHIB, its high volatility has historically been a bullish sign for its price, indicating the possibility of further rallies.

Potential Catalysts for DOGE’s Price

Dogecoin has several upcoming events that could potentially trigger a price rally. First is the Dogecoin moon mission, where a physical DOGE coin will be sent to the moon in December. Additionally, the DOGE-1 mission in 2024, which will be fully funded by crypto and paid for entirely in Dogecoin, is expected to generate excitement. The high open interest in DOGE has also been a historical signal of an impending rally.

Hot Take: BONK Emerges as a Strong Competitor

BONK’s recent performance in surpassing PEPE and outperforming other meme coins highlights its potential as a strong competitor in the meme coin market. With its impressive price surge and growing trading volume, BONK has gained significant attention and investor interest. While DOGE and SHIB continue to make headlines, BONK’s rise showcases the dynamic nature of the crypto space, where new players can quickly emerge and challenge established coins. It will be interesting to see how BONK’s journey unfolds and whether it can maintain its current momentum.

Author – Contributor at | Website

Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

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