Coinspeaker
Bonk Displaces Pepe to Become Third-largest Memecoin
Solana-based memecoin Bonk (BONK) has successfully flipped Pepe on the list of the largest memecoins in terms of market capitalization. The move by the dog-themed token, however, may just have been helped by its recent price gains.
In just 30 days, BONK saw an over 370% price gain that saw its value go from $0.0000028 to $0.000012. The surge was enough to increase its market capitalization to around $762 million. Whereas, the market cap of Pepe, on the other hand, currently sits at $675 million, according to CoinGecko data.
BONK Memecoin Surges amid Solana Explosion
It might be worth mentioning that BONK’s impressive surge in the last month could be a reflection of the general buzz around the Solana ecosystem at the moment.
The ecosystem is seeing more attention from traders as evidenced by its Total Value Locked (TVL) and the decent boom of most, if not all, of its projects. That includes even its native SOL token, whose price has more than tripled since mid-October, as Coinspeaker earlier reported.
Without a doubt, BONK is also partaking in the resurgent trader interest in the Solana ecosystem. Therefore, it’s not exactly surprising that it has not only outperformed Pepe but also Shiba and Dogecoin – the top two and most popular dog-themed memecoins. So much so, that while BONK posted 370% gains, Shiba and DOGE only saw 20% and 35% respective gains in the same period.
As of press time, BONK is now in the big leagues and has become the third-largest memecoin. It follows behind Shiba Inu with a market cap of $6 billion, while DOGE remains a distant first with a market cap of $14.4 billion.
Other Contributing Factors
Apart from the general state of the Solana ecosystem, BONK may also have some personal reasons for its recent price gains. For one, it found its way to some major centralized exchanges including Binance and KuCoin. By listing on those exchanges, more visibility is almost certain, thereby increasing its transaction volumes, and overall, its demand and price.
Furthermore, futures data shows that there has been a significant increase in open interest over the past month. That is, traders are buying and selling high volumes of Bonk derivatives, contributing even more to the volatility of BONK’s price.
BONK has gained more than 6000% over the last 3 months, making it the most performing mid-cap memecoin in that time.
