The Solana-based dog-themed memecoin, Bonk (BONK), has recently made a significant leap in the cryptocurrency market, becoming the third-largest memecoin by market capitalization. As of December 8, it surpassed the market cap of another memecoin, Pepe (PEPE).
Bonk’s market cap has soared to $762 million, a notable increase compared to Pepe’s $675 million, as per CoinGecko data. This growth is attributed to a remarkable 370% price surge in the last month, with BONK’s value rising from $0.0000028 to $0.000012. This surge in interest and value in the Solana ecosystem has contributed to traders flocking to Bonk.
Interestingly, Bonk’s price growth has outperformed other established dog-themed memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE). In the same timeframe, SHIB and DOGE posted gains of 20% and 35%, respectively. Despite these gains, Bonk now ranks as the third-largest memecoin, trailing behind DOGE and SHIB, which have market caps of $6 billion and $14.4 billion, respectively.
Several factors have fueled Bonk’s recent gains. Key among these is its listing on major centralized exchanges like Binance and KuCoin. Additionally, futures data indicates a significant increase in open interest over the past month, suggesting high volumes of trading in Bonk derivatives. This activity contributes to the token’s price volatility.
Bonk was initially launched on December 29, 2022, and experienced a staggering 3,766% increase in its first week of trading, despite the prevailing bear market conditions. However, after January 5, Bonk’s price began to decline, hovering near its all-time lows for much of the year.
The turnaround for Bonk began on October 21, 2023, when it started showing signs of recovery and subsequently gained dramatically in value. Since that date, Bonk has surged by 6215%, making it the most high-performing mid-cap memecoin in the last three months.
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