Solana memecoin Bonk reverses Pepe following 370% monthly profit
A Solana-based dog-themed memecoin called Bonk (BONK) is now the third largest memecoin by market capitalization, surpassing its fellow memecoin Pepe (PEPE) on December 8th.
Bonk's recent price growth – 370% in the past month – has increased its market value to $762 million, compared to Pepe's current market value of $675 million, according to CoinGecko.
Over the past 30 days, BONK has risen from $0.0000028 to $0.000012 as traders rush to take advantage of a new wave of interest in the Solana ecosystem.
Bonk's rapid price increase has outpaced the growth of other well-established dog memecoins, such as Shiba (SHIB) and Dogecoin (DOGE), posting increases of 20% and 35% over the same period.
At the time of publication, Bonk became the third largest memecoin, coming in behind the second largest, Shiba Inu, and the largest, Dogecoin, with a market cap of $6 billion and $14.4 billion, respectively.
Bonk profits can be attributed to many factors, including listing on centralized exchanges such as Binance and KuCoin. Additionally, the futures data showed a sharp increase in open interest last month, which means traders are buying and selling large amounts of bond derivatives, which only adds to the volatility of the token's price.
Related: The Solana Genesis Story: Anatoly Yakovenko's vision for a high-performance blockchain
BONK, which debuted on December 29, 2022, saw a 3,766% increase in trading volume in its first week, despite the depressed price conditions of the bear market. Since January 05, bonk has started to decline and prices have been hovering near all-time lows for the better part of a year.
However, on October 21, 2023, Bonk started to show signs of improvement and began to rise in price significantly. Since that day, Bonk has gained 6215%, making it the best performing mid-cap memecoin in the last 3 months.
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