The overall crypto market cap rose by 110 percent year-to-date owing to a bunch of market-reviving milestones that garnered pace around the end of October this year. During this time, which bulked up the crypto market cap to stand at $1.6 trillion, investors were not quite shy about engaging with some new crypto tokens on the block, one of them being Bonk. A dog-themed memecoin, Bonk is based on the eco-friendly Solana blockchain and was first introduced in the market in December 2022.
In the last few days, Bonk surpassed recent memecoin star Pepecoin, in terms of its market cap. In the previous 30 days, the price of the Bonk token rose from $0.0000028 (roughly Rs. 0.00023) to $0.000012 (roughly Rs. 0.0010).
Having recorded a monthly market cap surge of 370 percent, the valuation of the Bonk token touched the mark of $762 million (roughly Rs. 6,353 crores) before receding amid market volatility. In the recent past days, Bonk’s market cap officially exceeded Pepecoin’s valuation of $675 million (roughly Rs. 5,628 crore), a CoinTelegraph report said citing data by CoinGecko.
The Bonk token now stands as the third largest meme coin on the block, closely following the top two meme coins DOGE and SHIB the market capitalisations of which hover over the marks of $14.4 billion (roughly Rs. 1,20,070 crore) and $6 billion (roughly Rs. 50,029 crore) respectively.
The recent surge in popularity of Solana has propelled the dog-themed token called BONK to become the third-largest in its category. With a remarkable increase of over 70% since Sunday, BONK now sits just behind the prominent dogecoin (DOGE) and shiba inu (SHIB) tokens. This… pic.twitter.com/CiYveQh5hw
— Crypto Street (@cryptostreetaz) December 7, 2023
Modelled after the Shiba Inu dog breed, the Bonk token was also recently listed on international crypto exchanges like Binance and KuCoin, that makes for an essential factor driving Bonk’s overall growth.
First launched on December 29 last year, BONK had managed to clock a 3,766 percent uptick within the first week of trading.
Between January and mid-October this year, the token failed to see any notable action. With a growth in the sale of Solana-based NFTs, however, Bonk token also began showing signs of growth around October 21, the CoinTelegraph report noted.
Along with Bonk, Ordi is another meme coin that has managed to garner major attraction from the investor community these recent weeks. The first BRC-20 crypto token on the Bitcoin blockchain, the Ordi token, recently reached its all-time high of $65.06 (roughly Rs. 5,422). In the last seven days, the token saw its price surge by 148 percent. In the last 30 days, the ORDI token has risen by a whopping 500 percent, piggybacking on Bitcoin’s bull run.
