Solana’s BONK Climbs To 3rd Place In Dog Coin Market Cap, Leaving FLOKI Behind
December 05 2023 - 5:00PM
NEWSBTC
In recent weeks, the Solana (SOL) blockchain has been making waves
in the crypto world, with its native token SOL experiencing a
remarkable uptrend of 46% over the past 30 days. Alongside this
surge, Bonk Inu (BONK), the first Solana-based meme coin, has
gained significant traction, solidifying its position as the
third-largest dog coin by market capitalization, surpassing Floki
Inu (FLOKI). BONK Rockets To New Heights With 845% Surge In 30 Days
The staggering growth of Bonk Inu is evident in its recent
performance, achieving an impressive 845% gain over the past 30
days. The meme coin’s remarkable ascent has propelled it to new
yearly highs, while SOL experienced a slight pullback from its peak
of $65 on December 2. Despite the temporary setback for SOL, the
bullish momentum and renewed interest in Bonk Inu have caught the
attention of market participants. As of now, BONK is trading
at $0.0000069712, outperforming the broader crypto market with a
remarkable 22.4% uptrend in the past 24 hours, aligning with the
positive sentiment surrounding Bitcoin (BTC) and the overall
market. With a market capitalization of approximately $430 million,
Bonk Inu currently sits in third place among dog coins, trailing
behind the likes of Shiba Inu (SHIB) and Dogecoin (DOGE), which
boast market caps of $5 billion and $12 billion, respectively.
Related Reading: Warning Signals Flash As Bitcoin Surges: Expert
Spotlights Potential $25,000 Liquidity Sweep CoinGecko data reveals
that BONK has witnessed a significant 24-hour trading volume of
$65,235,205.16, indicating strong investor interest and active
participation in the market. The future trajectory of Bonk Inu’s
uptrend and its potential for further gains remains uncertain.
However, should BONK continue to attract investors, it has the
potential to dethrone Pepecoin (PEPE) in terms of market
capitalization. As of the latest update, PEPE has achieved a market
cap of $592 million. However, it is important to note that Bonk Inu
still has a significant gap to bridge to catch up with the largest
dog coins in the market in terms of market capitalization, namely
SHIB and DOGE. SHIB and DOGE have demonstrated substantial gains
and already possess staggering market capitalizations. Dog Coins
Make Strong Push For Year-End Gains The altcoin SHIB, built on the
Ethereum platform and known for its Shiba Inu mascot, continues to
demonstrate consistent gains across various time frames.
Notably, SHIB has seen a 14% increase over the past fourteen days
and an 18% surge over the past thirty days. These positive trends
have allowed the dog coin to achieve a slight year-to-date profit
of 0.2% after experiencing a significant downturn in 2022.
Presently, SHIB is trading at $0.00000946, representing a decline
of more than 89% from its all-time high (ATH) of $0.00008616,
reached in October 2021. Related Reading: Shiba Inu Burn Rate
Surges With Over 8 Billion SHIB Burned, Here’s The Trigger
Meanwhile, the meme coin DOGE, which has the backing of Elon Musk,
is currently trading at $0.09058. It has witnessed an 18% rise over
the past fourteen days and nearly 30% growth over the past thirty
days, following a sustained upward trend that began on November
21. However, in contrast to SHIB’s price action, DOGE has
experienced a 12% decline year-to-date and an 87% drop from its ATH
of $0.731578 reached in May 2021. It remains to be seen whether the
dog coins will continue to experience further gains throughout the
remainder of the year or if a healthy pullback will occur to
surpass upper resistance levels for another upward movement.
Featured image from Shutterstock, chart from TradingView.com
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