A Solana-based memecoin called Bonk (BONK) has now become the third largest memecoin by market capitalization, surpassing fellow memecoin Pepe (PEPE) on December 8.
Bonk’s recent price growth of 370% in the past month has taken its market cap to $762 million, compared to Pepe’s current $675 million market cap, according to CoinGecko data.
In the past 30 days, BONK has risen from $0.0000028 to $0.000012 as traders rush to take advantage of the new wave of interest in the Solana ecosystem.
Bonk’s rapid price increase also outpaced the growth of other more established dog memecoins such as Shiba (SHIB) and Dogecoin (DOGE), which posted respective gains of 20% and 35% in the same time period.
At the time of publication, Bonk became the third largest memecoin, ranking behind the second largest Shiba Inu and the largest Dogecoin, with 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. In addition, futures data showed a considerable increase in open interest last month, meaning that traders bought and sold large volumes of Bonk derivatives, which only increased the volatility of the token’s price.
First launched on December 29, 2022, BONK saw a remarkable 3,766% surge during the first week of trading despite depressed bear market price conditions. Starting on January 5, Bonk started to decline, and its price remained near its all-time low for the better part of a year.
However, on October 21, 2023, Bonk began to show signs of improvement and began to gain significant amounts. Since that date, Bonk has gained 6,215%, becoming the most profitable mid-cap memecoin in the last 3 months.
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