Bonk (BONK), a quirky Solana-based memecoin with a canine twist, has vaulted to prominence, securing its spot as the third-largest memecoin by market capitalization.
This remarkable ascent occurred on December 8th, as Bonk’s meteoric rise outstripped the market cap of its fellow memecoin, Pepe.
Over the past month, Bonk has undergone a staggering price surge, accumulating an astonishing 370% growth rate.
This surge propelled its market capitalization to an impressive $762 million, in stark contrast to Pepe’s current market cap of $675 million, as per data from CoinGecko.
During this whirlwind 30-day period, BONK catapulted from a minuscule $0.0000028 to $0.000012. Traders fervently seized the opportunity to capitalize on the newfound enthusiasm surrounding the Solana ecosystem.
What’s particularly noteworthy is that Bonk’s rapid price surge outpaced even more established dog-themed memecoins like Shiba Inu and Dogecoin, which posted comparatively modest gains of 20% and 35%, respectively, in the same timeframe.
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At the time of this report, Bonk has firmly entrenched itself as the third-largest memecoin, trailing only DOGE and SHIB, the leaders of the pack, with market caps of $6 billion and $14.4 billion, respectively.
Several factors underpin Bonk’s remarkable gains. Its listing on prominent centralized exchanges, including Binance and KuCoin, played a pivotal role in expanding its reach.
Moreover, futures data has shown a substantial increase in open interest over the past month, indicating significant trading activity in Bonk derivatives.
This heightened trading activity has contributed to the token’s price volatility.
Bonk initially debuted on December 29, 2022, and astoundingly witnessed a 3,766% surge within its first week of trading, despite the bearish conditions prevailing in the market.
Following this remarkable ascent, Bonk’s value gradually dwindled, with its price remaining near its all-time lows for nearly a year.
However, the tides began to turn on October 21, 2023, when Bonk exhibited signs of resurgence, experiencing a dramatic surge in value.
Since that pivotal date, Bonk has skyrocketed by a staggering 6,215%, solidifying its position as the most high-performing mid-cap memecoin in the past three months.
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