BONK Overtakes PEPE as Third-Largest in Recent Market Surge
In recent weeks, the meme-inspired cryptocurrency bonk (BONK) has surged against the U.S. dollar, surpassing pepe (PEPE) to claim the position of the third-largest meme coin by market capitalization.
Introduced on Dec. 25, 2022, with an initial valuation of $1.21 million, BONK’s market capitalization has now skyrocketed to a remarkable $1.23 billion, marking a thousandfold increase over the past year. Currently, BONK stands as the third-largest meme coin after displacing PEPE. In the last month, BONK experienced an impressive 621% surge, with 325% of this growth occurring in the past two weeks alone. Although facing a 14% decline in the last 24 hours, BONK’s value increased by 82% this week. Originating from Solana, BONK is a dog-themed meme token aligning with the broader meme coin movement in the cryptocurrency sector. A significant portion of BONK’s supply was distributed to Solana artists, collectors, and developers, revitalizing liquidity on the SOL chain.
While the team behind BONK remains anonymous, their project gains visibility through social media, especially Twitter, and its official website bonkcoin.com. Rich list data indicates that 519,773 unique Solana-based addresses possess BONK, with a concentration of supply among the top wallets. As of Dec. 17, 2023, there are 56.02 trillion BONK tokens in circulation on the Solana chain. The trajectory of BONK, like many crypto assets, remains unpredictable, contributing to the renewed interest in the Solana ecosystem. BONK’s ongoing success hinges on sustained community involvement and broader market dynamics. Notably, BONK’s rising popularity has driven the sell-out of the Solana smartphone, Saga, with Solana co-founder Raj Gokal reporting significant sales growth, increasing more than tenfold in 48 hours on Dec. 14.
Clever Robot News Desk 18th December 2023
