A Solana-based dog-themed memecoin referred to as Bonk (BONK) has now turn into the third-largest memecoin by market capitalization, surging previous that of fellow memecoin Pepe (PEPE) on Dec. 8.
Bonk’s latest value progress — 370% within the final month — has seen its market cap develop to $762 million, in comparison with Pepe’s present $675 million market cap, per CoinGecko knowledge.
Up to now 30 days, BONK has grown from $0.0000028 to $0.000012 as merchants rushed to capitalize on a brand new wave of curiosity within the Solana ecosystem.
Bonk’s speedy uptick in value additionally outpaced the expansion of different extra well-established canine memecoins similar to Shiba (SHIB) and Dogecoin (DOGE), which posted respective good points of 20% and 35% in the identical timeframe.
On the time of publication, Bonk has turn into the third-largest memecoin, coming in behind the second-largest Shiba Inu, and the biggest, Dogecoin, which command market caps of $6 billion and $14.4 billion, respectively.
Bonk’s good points might be attributed to a number of components, together with being listed on centralized exchanges similar to Binance and KuCoin. Moreover, futures knowledge reveals a sizeable enhance in open curiosity over the previous month, that means that merchants are shopping for and promoting excessive volumes of Bonk derivatives, which solely add to the volatility of the token’s value.
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First launched on Dec. 29, 2022, BONK witnessed a sizeable 3,766% uptick throughout the first week of buying and selling regardless of the depressed value situations of the bear market. From Jan. 05, Bonk started to say no and its value hovered at ranges near its all-time lows for the higher a part of a yr.
Nonetheless, on Oct. 21, 2023, Bonk started to indicate indicators of enchancment and commenced to realize dramatically in worth. From that date, Bonk has gained 6215%, rendering it probably the most high-performing mid-cap memecoin of the final 3 months.
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