Bonk (BONK), a memecoin based on the Solana blockchain and featuring a dog theme, has recently ascended to become the third-largest memecoin by market value. This surge has allowed it to overtake the market cap of Pepe, another popular memecoin.
As of Dec. 8, Bonk experienced a remarkable 370% price increase over the last month, elevating its market capitalization to $762 million, surpassing Pepe’s market cap of $675 million, according to data from CoinMarketCap.
This substantial growth, from $0.0000028 to $0.000012 in just 30 days, comes amid a renewed interest in the Solana ecosystem, propelling traders to engage actively with BONK.
Moreover, Bonk’s rapid price rise has eclipsed the performance of other established dog-themed memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE), which have seen gains of 20% and 35%, respectively, in the same period.
As of this writing, Bonk ranks as the third-largest memecoin, trailing only behind DOGE and SHIB, which have market caps of $6 billion and $14.4 billion, respectively.
The factors contributing to Bonk’s success include its listings on major centralized exchanges like Binance and KuCoin. Additionally, futures data indicates a significant rise in open interest over the past month, suggesting high volumes of trading in Bonk derivatives, which contributes to the token’s price volatility.
Bonk, launched on Dec. 29, 2022, saw a striking 3,766% increase in its first week of trading, despite the prevailing bear market conditions. After a period of stagnation with prices close to all-time lows, Bonk began showing recovery signs from Oct. 21, 2023. Since then, Bonk has soared by 6215%, making it the most successful mid-cap memecoin in the past three months.