PENGU Dethrones BONK to Become Largest SOL Meme Coin

Solana has seen a major shift as Pudgy Penguins’ PENGU token has surpassed BONK to become the blockchain’s largest meme token by market capitalization. PENGU has reached a $2.47 billion market cap compared to BONK’s $2.36 billion.

This achievement coincides with performance in Pudgy Penguins’ NFT collection, which has recorded over $6.2 million in sales volume over the past 24 hours, with individual pieces selling for as high as 42 ETH ($145,078).

PENGU’s price performance and market dominance

PENGU has risen to become Solana’s largest meme coin, trading at $0.0387 with a market cap of $2.47 billion. The token gained 32.6% over the past week while maintaining high trading volumes of $1.27 billion in the past 24 hours. This growth comes just nine days after PENGU hit its all-time high of $0.06845 on December 17, 2024.

The price data shows consistent buying pressure through December, with PENGU moving from $0.02318 to $0.04174 over the past week. Current trading ranges between $0.03609 and $0.0425 in the last 24 hours point to continued market interest. The token’s total market value now exceeds that of previous market leader BONK by over $100 million.

PENGU’s market leadership builds on the success of its NFT ecosystem. While other meme tokens rely solely on trading activity, PENGU benefits from its connection to the Pudgy Penguins NFT collection.

This dual appeal has helped the token maintain its upward momentum through December’s broader market volatility, adding new holders while preserving its price levels above previous support zones.

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Pudgy Penguins NFT collection surge

The Pudgy Penguins NFT collection has recorded $6,215,661 in sales volume over the past 24 hours, with 76 transactions from 59 buyers and 64 sellers. According to Cryptoslam data, the collection’s trading stats have jumped across all metrics, with sales up 141.59%, transactions up 123.53%, and buyer activity up 96.67% compared to the previous period.

The top five NFT sales in the past 24 hours highlight the collection’s price levels:

• Pudgy Penguin #47 sold for 42 ETH ($145,078)
• Pudgy Penguin #29 sold for 40 ETH ($140,211)
• Pudgy Penguin #79 sold for 40 ETH ($139,583)
• Pudgy Penguin #152 sold for 39 ETH ($134,942)

These sales have pushed Pudgy Penguins to the top spot in NFT rankings by sales volume, outperforming blue-chip collections like CryptoPunks. The collection’s floor price movement tracks closely with PENGU’s token price appreciation, creating a feedback loop between the NFT and token markets.

BONK’s market position impact

BONK now holds the second position among Solana meme tokens with a $2.36 billion market cap, trading at $0.00003115. The token has fallen 7.9% in the last 24 hours, with price movement between $0.0000309 and $0.00003383.

Despite this short-term decline, BONK maintains a 2.3% gain over the past week, showing its staying power in the market.

The price movement tells a longer story of BONK’s market impact. From its all-time low of $0.078614 in December 2022, BONK has generated returns of over 35,990% for early investors.

The token reached its all-time high of $0.00005825 in November 2024, and current prices sit 46.6% below that peak. Trading volume remains strong at $317 million over the past 24 hours. The overall Solana meme coin market has expanded to $17.58 billion, up 6.3% as new tokens enter the ecosystem.