Meme Coin Bonk Overtakes Other Popular Meme Coins
The cryptocurrency bonk (BONK), inspired by memes, has recently seen a significant increase in value against the U.S. dollar, surpassing Pepe (PEPE) to secure its position as the third-largest meme coin by market capitalization. Specifically, based on the Solana blockchain, BONK has soared over 621% in the past month compared to the dollar.
Since its introduction on December 25, 2022, with a market capitalization of $1.21 million, the Solana-based coin has witnessed a remarkable ascent. Its market value now stands at a substantial $1.23 billion, representing a thousandfold growth over the last year and positioning it as the third-largest meme coin, ahead of PEPE.
This growth includes a 621% increase in the last month, with 325% of this surge occurring in the past two weeks. Despite a 14% drop in the past 24 hours, the coin has risen 82% this week alone. Originating from the Solana platform, BONK is a dog-themed meme token, part of cryptocurrency’s more significant meme coin trend.
A large portion of the Solana-based meme coin supply was initially distributed to Solana’s artists, collectors, and developers, revitalizing liquidity in the SOL ecosystem.
The creators of Solana-based memecoin remain anonymous, and there is no white paper detailing the project. Its promotion relies mainly on social media channels, particularly X (formerly Twitter) and its website, bonkcoin.com.
Data shows that 519,773 unique Solana-based addresses hold BONK. However, its distribution is quite concentrated: the top ten wallets have 32.99% of the supply, the top 20 control 39.93%, and the top 100 possess 54.86% of all BONK tokens.
As of December 17, 2023, 56.02 trillion BONK tokens are circulating on the Solana blockchain. The future of BONK, like many cryptocurrencies and meme coins, is uncertain.
Its significant impact on renewing interest in the Solana ecosystem is clear, but its long-term success depends on sustained community engagement and overall market trends.
The popularity of BONK has even influenced the sales of the Solana smartphone, with Solana co-founder Raj Gokal noting a more than tenfold increase in Saga sales over 48 hours on December 14.
In a separate report by CryptoSlate, Solana DEXs momentarily outpace Ethereum amid a surge in memecoin and stablecoin activity.
Based on speculations, Solana’s DEX will exceed $10 billion in monthly trading volume. The trading volume briefly flipped that of Ethereum for the first time due to the continued growth of the smart-contract-enabled blockchain ecosystem.
Ethereum’s daily volume returned to its dominant position, with $495 million recorded during the past day, while Solana stood at $940 million as of press time.
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