A Solana-based memecoin called Bonk (BONK) has surpassed Pepe (PEPE) to become the third-largest memecoin by market capitalization.
Bonk’s market cap has reached $762 million, growing by 370% in the last month, while Pepe’s market cap stands at $675 million.
BONK’s Price Surge
In the past 30 days, BONK has experienced significant price growth, rising from $0.0000028 to $0.000012. This surge in price has attracted traders seeking opportunities in the Solana ecosystem.
Outperforming Other Dog Memecoins
Bonk’s price growth has outpaced well-established dog memecoins like Shiba (SHIB) and Dogecoin (DOGE), which have seen respective gains of 20% and 35% during the same period.
Ranking Among Memecoins
Currently, Bonk is the third-largest memecoin, trailing behind Shiba Inu and Dogecoin with market caps of $6 billion and $14.4 billion, respectively.
Factors Driving Bonk’s Gains
Bonk’s success can be attributed to its listings on centralized exchanges like Binance and KuCoin. Additionally, futures data shows a significant increase in open interest, indicating high trading volumes of Bonk derivatives that contribute to the token’s volatility.
Bonk’s Performance History
Bonk initially launched on Dec. 29, 2022, experiencing a remarkable 3,766% surge within its first week of trading despite bearish market conditions. From Jan. 05 onwards, Bonk’s price remained low for almost a year. However, on Oct. 21, 2023, Bonk started to show signs of improvement and has since gained 6,215%, making it the best-performing mid-cap memecoin in the last three months.
Hot Take: Bonk Emerges as a Dominant Memecoin
Bonk’s rapid ascent in the memecoin market is fueled by its impressive price growth and increasing market capitalization. With listings on major exchanges and strong trading activity, Bonk has positioned itself as a notable player in the Solana ecosystem. Its performance outshining other well-known dog-themed memecoins demonstrates its appeal to traders and investors seeking potential opportunities in the cryptocurrency market.
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