Solana memecoin Bonk topples Pepe after 370% monthly gain

A Solana-based dog-themed memecoin called Bonk (BONK) has now become the third-largest memecoin by market capitalization, surpassing that of fellow memecoin Pepe (PEPE) on December 8.

Bonk’s recent price growth – 370% in the last month – has seen its market cap reach $762 million, compared to Pepe’s current market cap of $675 million, according to CoinGecko. data.

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Over the past 30 days, BONK has risen from $0.0000028 to $0.000012 as traders rushed to capitalize on a new wave of interest in the Solana ecosystem.

The price of Bonk increased by 370% in the last month. Source: CoinGecko

Bonk’s rapid price rise has also outpaced the growth of other, more established dog memecoins such as Shiba (SHIB) and Dogecoin (DOGE), which saw gains of 20% and 35%, respectively, over the same period. period.

At the time of publication, Bonk has become the third-largest memecoin, behind the second-largest Shiba Inu and the largest, Dogecoin, which command market caps of $6 billion and $14.4 billion, respectively.

Bonk’s gains can be attributed to several factors, including its listing on centralized exchanges such as Binance and KuCoin. Additionally, futures contracts data shows a considerable increase in open interest over the past month, meaning traders are buying and selling high volumes of Bonk derivatives, which only adds to the volatility of the token’s price.

Related: The Genesis Story of Solana: Anatoly Yakovenko’s Vision for a High-Performance Blockchain

First launched on December 29, 2022, BONK saw a considerable rise of 3,766% in the first week of trading despite the depressed price conditions of the bear market. Starting on January 5, Bonk began to decline and its price hovered near its all-time lows for most of the year.

However, on October 21, 2023, Bonk began to show signs of improvement and began to significantly increase in value. Since then, Bonk has gained 6,215%, making it the best performing mid-cap memecoin over the last 3 months.

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