Bonk (BONK) Surges to Third-Largest Memecoin, Outpacing Pepe in Market Capitalization
The dog-themed memecoin has seen a significant increase in value, becoming the third-largest memecoin by market capitalization.
In an unexpected development, Solana blockchain based memecoin Bonk (BONK) has ascended to become the third-largest memecoin by market capitalization. This sudden rise took place on December 8th, with Bonk’s price skyrocketing by a staggering +370% in just the past month.
According to data from CoinGecko, Bonk now has a market capitalization of $762 million, surpassing its memecoin rival, Pepe, which currently has a market cap of $675 million.
Over the past 30 days, Bonk has seen extraordinary growth, with its price increasing from a modest $0.0000028 to $0.000012. This rapid increase in value has drawn traders looking to profit from the growing interest in the Solana ecosystem.
Interestingly, Bonk’s swift price increase has outperformed more established dog-themed memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE), which saw gains of 20% and 35% respectively during the same period.
As of the time of writing, Bonk is the third-largest memecoin in the market, lagging behind DOGE and SHIB, which have substantial market caps of $6 billion and $14.4 billion, respectively. Bonk’s recent gains can be attributed to several factors, including its listing on major centralized exchanges like Binance and KuCoin.
Furthermore, futures data shows a significant increase in open interest over the past month, indicating that traders are actively buying and selling large volumes of Bonk derivatives, thereby increasing the token’s price volatility.
Bonk made its debut on December 29, 2022, and quickly gained attention by witnessing a remarkable 3,766% increase in value within its first week of trading, despite the challenging price conditions of the bear market. However, from January 5th, Bonk experienced a downturn, with its price remaining stagnant at levels near its all-time lows for a significant part of the year.
The turning point for Bonk came on October 21, 2023, when signs of recovery started to appear, leading to a dramatic increase in its value. Since that crucial date, Bonk has achieved an incredible 6,215% growth, cementing its position as the best-performing mid-cap memecoin over the last three months.