A Solana-based dog-themed memecoin referred to as Bonk (BONK) has now develop 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 data.
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 fast uptick in worth additionally outpaced the expansion of different extra well-established canine memecoins equivalent to Shiba (SHIB) and Dogecoin (DOGE), which posted respective beneficial properties of 20% and 35% in the identical time-frame.
On the time of publication, Bonk has develop 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 beneficial properties may be attributed to a number of components, together with being listed on centralized exchanges equivalent to Binance and KuCoin. Moreover, futures data exhibits a sizeable enhance 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.
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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 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 12 months.
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 essentially the most high-performing mid-cap memecoin of the final 3 months.
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