BONK Secures Third Place in the Meme Coin Market with Meteoric Rise
The meme coin Bonk (BONK) has registered a meteoric rise against the US dollar in recent weeks and has moved ahead of Pepe (PEPE) to become the third-largest meme coin in terms of market capitalization. The Solana-based BONK surged over 621% in value against the US dollar in the last 30 days.
Solana-Based Meme Coin Moves Ahead of PEPE
The Bonk (BONK) meme coin has emerged as the frontrunner in the 30-day gains crypto market. The value upon launch on December 25, 2022, was USD 1.21 million. However, BONK’s market capitalization has reached a stunning USD 1.23 billion today, registering a 1000X increase in its value over the past year. BONK is the third-largest meme coin after moving ahead of PEPE.
BONK has surged 621% in the last month, with 325% of this rise registered in the past two weeks. BONK’s value climbed by 82% this week but declined by 14% in the last 24 hours. BONK is a dog-themed meme token from the Solana blockchain, aligning with the broader meme coin movement in the crypto industry.
BONK’s significant supply has been distributed among Solana artists, collectors, and developers, thereby rejuvenating the liquidity of the SOL chain. The anonymous team behind BONK adds to the mystique, while the white paper details the complex issues involving the project. The official website bonkcoin.com and social media platforms, especially X (formerly Twitter), largely share updates on the project.
The Top Ten BONK Wallets Hold 32.99% of the Supply
The distribution of BONK is highly concentrated, with 32.99% of the supply in the top ten wallets. The top 20 wallets hold 39.93% of the supply, while the top 100 holders control 54.86% of BONK in circulation. Data reveals that 519,773 unique Solana-based addresses are holding BONK. 56.02 trillion BONK tokens are issued on the Solana chain as of December 17, 2023.
As with many crypto assets, particularly meme coins, the trend remains unpredictable. The enduring success of BONK will largely depend on continued community involvement and 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 a more than tenfold increase in 48 hours on December 14.
What is your take on the crypto industry going bonkers over BONK? Please share your thoughts and opinions in the comments section below.
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