A Solana-based dog-themed memecoin called BONK has now become the third-largest memecoin by market capitalization, overtaking fellow memecoin Pepe (PEPE) on 8 December.
According to CoinGecko, Bonk’s recent price increase – 370% in the past month – has increased its market cap to $762 million compared to PayPe’s current $675 million market cap. data,
Over the past 30 days, BONK has risen from $0.0000028 to $0.000012 as traders rushed to take advantage A new wave of interest in Solana Ecosystem.
The rapid rise in Bonk’s price also outpaced the growth of other well-established dog memecoins like Shiba (Shiva) and Dogecoin (Doge), which recorded respective gains of 20% and 35% in the same time frame.
At the time of publishing, Bonk has become the third-largest memecoin, behind the second-largest Shiba Inu and the largest Dogecoin, with market capitalizations of $6 billion and $14.4 billion respectively.
BONK’s gains can be attributed to several factors, including its listing on centralized exchanges like Binance and KuCoin. Additionally, futures data The past month has seen a significant increase in open interest, meaning traders are buying and selling high volumes of BONK derivatives, which only increases the volatility in the token’s price.
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First launched on December 29, 2022, BONK saw a massive increase of 3,766% within its first week of trading. Disappointing Bear Market Price Conditions, From January 05, BONK started to decline and its price remained near its all-time low for most of a year.
However, on October 21, 2023, BONK started showing signs of recovery and began to rise dramatically in value. Since that date, BONK has gained 6215%, making it the highest performing mid-cap memecoin of the past 3 months.
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