Solana's BONK climbed to third place in the Dogecoin market cap, leaving FLOKI behind
The Solana (SOL) blockchain has made waves in the crypto world in recent weeks, with its native token SOL experiencing a significant uptrend of 46% over the past 30 days. At the same time, the first Solana-based meme coin, Bonk Inu (BONK), also gained huge traction, cementing its position as the third-DOGE coin by market capitalization, surpassing Floki Inu (FLOKI).
Bonk Inu's phenomenal growth is evident in its recent performance, with an impressive 845% gain in the last 30 days. The significant rally in the meme coin has pushed it to a new yearly high, while SOL has retreated slightly from its peak of $65 on December 2. Despite the temporary setback in SOL, the bullish momentum and renewed interest in Bonk Inu have caught the attention of market participants.
As of now, BONK is trading at $0.000008149, outperforming the broader cryptocurrency market, gaining 36.42% over the past 24 hours, in line with the positive sentiment of the BTC (BTC) and the overall market.
With a market cap of around $430 million, Bonk Inu currently ranks third in Dogecoin, behind Shiba Inu (SHIB) and DOGE (DOGE), which have market caps of $5 billion and $12 billion, respectively. The data shows that the BONK 24-hour trading volume is as high as $65,235,205.16, indicating that investors are interested and actively engaged in the market.
The future trajectory of Bonk Inu's uptrend and its potential for further upside remains uncertain. However, if BONK continues to attract investors, it has the potential to replace Pepecoin (PEPE) in terms of market capitalization. As of the latest update, PEPE has a market cap of $592 million.
However, it's worth noting that Bonk Inu still has a big gap between SHIB and DOGE, the largest Dogecoin in the market by market capitalization. SHIB and DOGE have made significant gains and already have a staggering market cap.
The altcoin SHIB is built on the ETH fang platform and is best known for its Shiba Inu mascot, which continues to show consistent gains across different timeframes. Notably, SHIB is up 14% in the last 14 days and 18% in the last 30 days. These positive trends have seen Dogecoin post a modest 0.2% profit year-to-date after a significant downturn in 2022.
Currently, SHIB is trading at $0.00000946, down more than 89% from the all-time high (ATH) of $0.00008616 reached in October 2021.
Meanwhile, the Elon Musk-backed meme coin DOGE is currently trading at $0.09058. Following a sustained rally that began on November 21, it is up 18% in the last 14 days and nearly 30% in the last 30 days.
However, in stark contrast to SHIB's price action, DOGE has fallen 12% year-to-date, down 87% from the ATH of $0.731578 reached in May 2021.
It remains to be seen if Dogecoin will continue to rise further for the rest of the year, or if there will be a healthy pullback to break above the upper resistance level and rise again.
(Source: Ronaldo Marquez)