BONK Surges 480% To Dethrone Pepe Coin As the Third Largest Meme Coin, Is Shiba Inu the Next Contender?
Bonk (BONK), a Solana-based dog-themed meme coin, has swiftly climbed the ranks to secure its position as the third-largest meme coin by market capitalization. The surge occurred recently, with Bonk experiencing 480% growth in the last 30 days. BONK is also up by almost 20% in the last 24 hours.
As per CoinGecko data, Bonk now boasts a market capitalization of $747 million, surpassing competitors like Pepe, currently valued at $609 million. In the span of just 30 days, Bonk’s value surged, attracting traders seeking to capitalize on the rising interest within the Solana ecosystem.
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Notably, Bonk’s rapid ascent outpaced more established dog-themed meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE), which managed gains of 20% and 35%, respectively, during the same timeframe.
Bonk’s Current Position
As of the latest data, Bonk stands as the third-largest meme coin, trailing behind DOGE and SHIB, with substantial market caps of $14.4 billion and $5.7 billion, respectively. Several factors have contributed to Bonk’s recent surge, notably its listing on major centralized exchanges, including Binance and KuCoin.
Additionally, futures data reveals a significant surge in open interest over the past month, indicating active trading of Bonk derivatives. This heightened trading activity has added to the token’s price volatility, further propelling its value.
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While Bonk’s recent surge in the meme coin market has been impressive, dethroning Shiba Inu (SHIB) remains a formidable challenge. Shiba Inu has established itself as a dominant force with a substantial market cap of $14.4 billion, placing it as the second-largest meme coin. While Bonk’s rapid ascent to becoming the third-largest meme coin is noteworthy, Shiba Inu’s entrenched position and widespread recognition within the crypto community pose significant hurdles.
In summary, Bonk’s rise in the meme coin hierarchy showcases the growing influence of tokens within the Solana ecosystem. The combination of strategic exchange listings, increased trading activity, and impressive early performance has positioned Bonk as a notable player in the competitive meme coin landscape.
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