A Solana-based memecoin called Bonk surges and becomes the third-largest memecoin by market cap

Bonk surpasses Pepe to become the third-largest memecoin

Bonk, a dog-themed memecoin based on the Solana blockchain, has experienced a significant surge in price, propelling it to the third-largest memecoin by market capitalization. On December 8, Bonk surpassed fellow memecoin Pepe in terms of market cap, with a growth rate of 370% in the past month.

BONK's market cap reaches $762 million

The recent price growth of Bonk has led to a market capitalization of $762 million, according to CoinGecko data. In comparison, Pepe currently has a market cap of $675 million. This surge in market cap can be attributed to the growing interest in the Solana ecosystem, with traders rushing to capitalize on the new wave of interest.

BONK outpaces other dog-themed memecoins

Bonk's rapid price uptick has outpaced the growth of other well-established dog-themed memecoins such as Shiba and Dogecoin. While Shiba and Dogecoin recorded respective gains of 20% and 35% in the past month, Bonk's growth has been much more significant.

Bonk becomes the third-largest memecoin

At the time of publication, Bonk is now the third-largest memecoin, ranking behind Shiba Inu and Dogecoin. Shiba Inu commands a market cap of $6 billion, while Dogecoin holds the top spot with a market cap of $14.4 billion.

Factors contributing to Bonk's gains

The surge in Bonk's price can be attributed to several factors, including its listing on centralized exchanges such as Binance and KuCoin. Furthermore, futures data indicates a significant increase in open interest, suggesting that traders are actively buying and selling high volumes of Bonk derivatives, adding to the token's price volatility.

Bonk's journey since its launch

Bonk was first launched on December 29, 2022, and experienced a remarkable 3,766% increase in the first week of trading, despite the bearish conditions of the market. However, its price declined from January 5 and remained stagnant at all-time lows for nearly a year. It wasn't until October 21, 2023, that Bonk began to show signs of improvement and started gaining significant value. Since then, it has grown by 6,215%, positioning itself as the most high-performing mid-cap memecoin in the past three months.