BONK Surpasses FLOKI To Become 3rd Largest Dog-Themed Coin By Market Cap

The Solana-based dog-themed crypto token, BONK, has soared to new heights, securing its place among the top three “dog-themed coins” by market capitalization. This achievement comes as BONK surpasses the Ethereum-based FLOKI with a slight margin of over $500 million market cap.

BONK’s Meteoric Price Surge

BONK’s remarkable journey includes an astonishing 876% surge over the last month, with a staggering 1,700% increase from late October to late November. The coin’s recent 24% rise, reaching a new all-time high of $0.00000850, underscores its unprecedented momentum.

The competitor FLOKI also experienced a 24% increase on the previous day which took it to 3rd place in dog-themed tokens in terms of Market cap which BONK replaced currently.

However, despite BONK’s ascent, it still has a considerable gap to bridge compared to the titans of the dog coin universe – Dogecoin (DOGE) and Shiba Inu (SHIB). DOGE’s market cap nears $14 billion, while SHIB commands just over $5.9 billion.

Much of BONK’s success is attributed to the renewal of its parent network, Solana, which has experienced a resurgence following a challenging year. With SOL’s value nearly tripling to $61 since the beginning of Sam Bankman-Fried’s trial last month, enthusiasts anticipate a more substantial comeback for the entire cryptocurrency ecosystem.

Previously, multiple developers stated that a team of 22 people, with no single leader, actively participated in the development of the Bonk project. On Solana, they have all previously produced decentralized applications (Dapps), non-fungible tokens (NFT), and other similar items.

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Challenges Among Top Meme Coins

With a market cap of approximately $472 million, Bonk Inu sits in third place among top dog-themed coins, trailing behind Shiba Inu (SHIB) and Dogecoin (DOGE). The coin’s significant 24-hour trading volume of $84 million signals active investor interest.

As Bonk Inu’s trajectory and potential for further gains remain uncertain, there’s speculation about its ability to dethrone PEPE, which currently boasts a market cap of $592 million. However, it’s crucial to note that Bonk Inu still has a considerable gap to close compared to the colossal meme coin market caps of SHIB and DOGE.

Also Read: Shiba Inu Price Soars As SHIB Surpasses LTC and DAI