Coingape Staff
The Solana-based dog-themed crypto token, BONK, has soared to new heights, securing its place among the top three “dog-themed coins” by market capitalization. This achievement comes as BONK surpasses the Ethereum-based FLOKI with a slight margin of over $500 million market cap.
BONK’s Meteoric Price Surge
BONK’s remarkable journey includes an astonishing 876% surge over the last month, with a staggering 1,700% increase from late October to late November. The coin’s recent 24% rise, reaching a new all-time high of $0.00000850, underscores its unprecedented momentum.
The competitor FLOKI also experienced a 24% increase on the previous day which took it to 3rd place in dog-themed tokens in terms of Market cap which BONK replaced currently.
However, despite BONK’s ascent, it still has a considerable gap to bridge compared to the titans of the dog coin universe – Dogecoin (DOGE) and Shiba Inu (SHIB). DOGE’s market cap nears $14 billion, while SHIB commands just over $5.9 billion.
Much of BONK’s success is attributed to the renewal of its parent network, Solana, which has experienced a resurgence following a challenging year. With SOL’s value nearly tripling to $61 since the beginning of Sam Bankman-Fried’s trial last month, enthusiasts anticipate a more substantial comeback for the entire cryptocurrency ecosystem.
Previously, multiple developers stated that a team of 22 people, with no single leader, actively participated in the development of the Bonk project. On Solana, they have all previously produced decentralized applications (Dapps), non-fungible tokens (NFT), and other similar items.
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Challenges Among Top Meme Coins
With a market cap of approximately $472 million, Bonk Inu sits in third place among top dog-themed coins, trailing behind Shiba Inu (SHIB) and Dogecoin (DOGE). The coin’s significant 24-hour trading volume of $84 million signals active investor interest.
As Bonk Inu’s trajectory and potential for further gains remain uncertain, there’s speculation about its ability to dethrone PEPE, which currently boasts a market cap of $592 million. However, it’s crucial to note that Bonk Inu still has a considerable gap to close compared to the colossal meme coin market caps of SHIB and DOGE.
Also Read: Shiba Inu Price Soars As SHIB Surpasses LTC and DAI
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
