- Solana’s Bonk (BONK) rose to become the third-largest memecoin, overtaking Pepe with a 370% price surge in a month.
- Bonk’s success is attributed to listings on major exchanges and a surge in derivatives trading.
- Despite a rocky start, Bonk has risen by a remarkable 6,215% in the last three months, making it a standout performer in the memecoin market.
- However, the memecoin has fallen back to its initial point.
The Solana-based dog-themed memecoin, Bonk (BONK), has climbed the ranks to become the third-largest memecoin by market capitalization.
This unexpected surge occurred on December 8th, as Bonk’s recent price growth soared by an impressive 370% in just the last month.
Data from CoinGecko reveals that Bonk boasts a market capitalization of $762 million, surpassing its fellow memecoin competitor, Pepe, which currently stands at $675 million.
Over the past 30 days, Bonk has experienced remarkable growth, going from a mere $0.0000028 to $0.000012. This exponential surge in value has attracted traders eager to capitalize on the newfound interest within the Solana ecosystem.
Notably, Bonk’s rapid price uptick has outpaced more established dog-themed memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE), which managed respective gains of 20% and 35% during the same timeframe.
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Bonk’s Current Position And Rationale For Its Growth
Earlier today, Bonk stands as the third-largest memecoin in the market, trailing behind DOGE and SHIB, which command substantial market caps of $6 billion and $14.4 billion, respectively.
Several factors contributed to Bonk’s recent gains, including its listing on prominent centralized exchanges like Binance and KuCoin.
Moreover, futures data indicates a substantial increase in open interest over the past month, suggesting that traders are actively buying and selling high volumes of Bonk derivatives, further amplifying the token’s price volatility.
Bonk made its debut on December 29, 2022, and quickly garnered attention by witnessing an astonishing 3,766% increase in value within its first week of trading, despite the challenging price conditions of the bear market.
However, from about 1:00pm GMT, Bonk experienced a decline, with its price falling to $0.0000112. Since then the price has been fluctuating and currently stood at $0.00001152.
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