In recent weeks, the meme-inspired cryptocurrency bonk (BONK) has experienced substantial growth against the U.S. dollar and has now overtaken pepe (PEPE) to become the third largest meme coin in terms of market capitalization. In the past month alone, the Solana-based BONK surged over 621% in value when measured against the greenback.
BONK’s Astonishing Climb; Solana-Based Meme Coin Overtakes PEPE
The meme coin bonk (BONK) has emerged as a leader in the cryptocurrency market regarding 30-day gains. Upon its introduction on Dec. 25, 2022, it was valued at $1.21 million in market terms. As of today, BONK’s market capitalization has reached a striking $1.23 billion, marking a thousandfold increase in its value over the past year. Currently, BONK is the third-largest meme coin after displacing PEPE.
In the last month, BONK has experienced a 621% surge, with 325% of this growth occurring in just the past two weeks. This week alone, BONK’s value increased by 82%, though it witnessed a 14% decline in the last 24 hours. Originating from Solana, BONK is a dog-themed meme token, aligning with the broader meme coin movement in the cryptocurrency sector.
A significant share of BONK’s supply was distributed to Solana artists, collectors, and developers, contributing to a rejuvenation of liquidity on the SOL chain. The team behind BONK maintains their anonymity, and there’s white paper available that elaborates on the project’s complexities. The project primarily makes its presence known through social media, especially X (formally Twitter), and its official website bonkcoin.com.
Currently, rich list data reveals that 519,773 unique Solana-based addresses possess BONK. The distribution of BONK is notably concentrated, with 32.99% of the supply in the hands of the top ten wallets. The top 20 wallets hold 39.93% of the supply, while the top 100 holders control 54.86% of all BONK in circulation. As of Dec. 17, 2023, there are 56.02 trillion BONK tokens in existence issued on the Solana chain.
The trajectory of BONK, as with many crypto assets and particularly meme coins, remains unpredictable. Its contribution to reigniting interest in the Solana ecosystem is evident, but its enduring success will likely hinge on continued community involvement and the wider market dynamics. BONK’s rising popularity has spurred the sell-out of the Solana smartphone. Solana co-founder Raj Gokal has disclosed significant growth in Saga sales, stating that they increased more than tenfold in 48 hours on Dec. 14.
What do you think about the crypto industry going bonkers over BONK? Share your thoughts and opinions about this subject in the comments section below.