BONK Beats FLOKI as 3rd Largest Dog-Themed Coin

Solana-based meme coin BONK recently surpassed FLOKI to claim third place in the market cap of dog-themed crypto coins.

BONK Beats FLOKI as 3rd Largest Dog-Themed Coin

BONK, a dog-themed crypto token based in Solana, has achieved remarkable growth and is now ranked among the top three “dog-themed coins” in terms of market capitalization.

By a narrow margin of over $500 million in market cap, BONK has surpassed the Ethereum-based FLOKI.

BONK’s Skyrocketing Price

BONK has experienced an extraordinary growth of 876% in the past month, culminating in a 1,700% surge from late October to late November.

Recent gains of 24% for the coin, bringing it to a new all-time high of $0.00000850, demonstrate its extraordinary momentum.

Additionally, the market cap of competitor FLOKI rose by 24% the previous day, propelling it to third place among dog-themed tokens, a position that BONK has presently supplanted.

Nevertheless, notwithstanding BONK’s ascent, it remains beset by a significant deficit compared to the dog coin titans, Dogecoin (DOGE) and Shiba Inu (SHIB).

The market cap of DOGE is approaching $14 billion, whereas SHIB is valued at just over $5.9 billion.

BONK’s considerable achievement can be ascribed mainly to revitalizing its parent network, Solana, which has rebounded from a challenging year.

Since the commencement of Sam Bankman-Fried’s trial last month, the value of SOL has nearly tripled to $61.

As a result, enthusiasts expect a more significant recovery for the cryptocurrency ecosystem as a whole.

In the past, several developers provided accounts of a 22-person team that actively contributed to the development of the Bonk project, lacking a designated supervisor.

All of them have developed decentralized applications (Dapps), non-fungible tokens (NFT), and other comparable items on Solana in the past.

Problems Regarding Leading Meme Coins

Bonk Inu, which has an estimated market cap of $472 million, ranks third among the most prominent dog-themed cryptocurrencies, following Dogecoin (DOGE) and Shiba Inu (SHIB).

The substantial 24-hour trading volume of $84 million for the coin indicates that investors are actively interested.

Given the present state of affairs regarding Bonk Inu’s trajectory and the possibility of additional gains, conjecture has arisen regarding its capacity to unseat PEPE, an entity with a market capitalization of $592 million.

Despite this, Bonk Inu still has a significant gap to cover compared to the enormous market caps of the meme coins SHIB and DOGE.