Solana-based dog-themed memecoin Bonk (BONK) surpassed fellow memecoin PEPE (PEPE) on December 8 to become the third-largest memecoin by market capitalization.
Bonk’s recent price rise (up 370% in the past month) has increased its market capitalization to $762 million, compared to Pepe’s current market cap of $675 million, according to CoinGecko data.
Over the past 30 days, BONK has grown from $0.0000028 to $0.000012 as traders rush to capitalize on the renewed interest in the Solana ecosystem.
Bonk’s rapid price rise also outpaced the growth of other more established dog memecoins, such as Shiba (SHIB) and Dogecoin (DOGE), which recorded gains of 20% and 35%, respectively, over the same period.
At the time of publication, Bonk became the third-largest memecoin, behind Shiba Inu, the second-largest, and Dogecoin, the largest, with market capitalizations of $6 billion and $14.4 billion, respectively.
Bonk’s gains can be attributed to several factors, including being listed on centralized exchanges such as Binance and KuCoin. Additionally, futures data shows a significant increase in open interest over the past month. This means that traders are buying and selling large amounts of Bonk derivatives, which only adds to the volatility of the token price.
Related: Solana’s Birth Story: Anatoly Yakovenko’s Vision for a High-Performance Blockchain
First launched on December 29, 2022, BONK saw a significant gain of 3,766% within its first week of trading despite the subdued price conditions of the bear market. Starting on January 5, Bonk began to decline and its price remained close to all-time lows throughout the year.
However, starting on October 21, 2023, Bonk began to show signs of improvement and its value began to rise dramatically. Since that day, Bonk has gained 6215%, making it the best performing mid-cap memecoin over the past three months.
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