A Solana-based dog-themed memecoin known as Bonk (BONK) has now change into the third-largest memecoin by market capitalization, surging previous that of fellow memecoin Pepe (PEPE) on Dec. 8.
Bonk’s current worth development — 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.
Prior 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 worth additionally outpaced the expansion of different extra well-established canine memecoins comparable to Shiba (SHIB) and Dogecoin (DOGE), which posted respective beneficial properties of 20% and 35% in the identical timeframe.
On the time of publication, Bonk has change into the third-largest memecoin, coming in behind the second-largest Shiba Inu, and the most important, Dogecoin, which command market caps of $6 billion and $14.4 billion, respectively.
Bonk’s beneficial properties may be attributed to a number of components, together with being listed on centralized exchanges comparable to Binance and KuCoin. Moreover, futures knowledge reveals a sizeable improve in open curiosity over the previous month, which means that merchants are shopping for and promoting excessive volumes of Bonk derivatives, which solely add to the volatility of the token’s worth.
Associated: Solana’s genesis story: Anatoly Yakovenko’s imaginative and prescient for a high-performance blockchain
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 worth circumstances of the bear market. From Jan. 05, Bonk started to say no and its worth hovered at ranges near its all-time lows for the higher a part of a yr.
Nonetheless, on Oct. 21, 2023, Bonk started to point out indicators of enchancment and started 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.
NFT Creator: Pudgy Penguins GIFs prime 10B views, CEO units sights on Disney, Good day Kitty
