BONK Surpasses PEPE as the Third-Largest Memecoin by Market Cap: Details

TL;DR

• BONK’s Growth: BONK, a Solana-based memecoin, surged by 370% in the past 30 days, becoming the third-largest memecoin by market cap and surpassing PEPE.
• Key Drivers: BONK’s rise is attributed to its listing on KuCoin and speculative rumors about a Coinbase listing, alongside increased interest in memecoins and Solana.
• Solana Market Trends: Both SOL and BONK faced a downturn after a significant market decline, but Solana-based projects like Jito’s JTO continue to gain traction, highlighting a growing interest in Solana-related tokens.

BONK Leapfrogs PEPE

Solana’s popular BONK has dethroned PEPE by becoming the third-largest memecoin by market capitalization, according to data from CoinMarketCap.

BONK, the first Solana dog coin launched in December 2022, has recorded over 370% in price growth in the last 30 days, boosting its fully diluted value (FDV) to $1,248,899,516 and its market cap to roughly $810 million.

BONK’s 370% surge also overshadows SHIB (20%) and DOGE (35%). However, BONK still has a large gap to close if it wants to outrank the two leading memecoins, which boast approximately $5.9b and $13.9b in market capitalization.

BONK’s surge from around $0.0000028 to $0.000012 over the past 30 days could be attributed to several factors. A major boost came after KuCoin listed the token on its exchange, paired with the memecoin mania and Solana’s surge in interest from investors.

But rumors and speculations about the possibility of Coinbase listing the memecoin are largely fueling BONK’s price. The rumors started after on-chain analysis showed how Coinbase was testing the coin, which is a typical procedure for the exchange before listing an asset on its platform.

Looks like @coinbase is potentially testing a $BONK listing?

When a Coinbase address receives SPL it supports, it sends 0.00124788 SOL for gas from a Coinbase address and uses it to send the SPL to the hot wallet. If it doesn’t support it, like $GUAC here, nothing happens. pic.twitter.com/R8zszwvynv

— Cited (@cited) December 7, 2023

Solana-Based Tokens On Fire

Last week’s standout performers in the cryptocurrency market were SOL and BONK. While BONK remains one of the top gainers in the last 24 hours, the coin suffered the ripple effect after the crypto market shed over $80 billion on Monday, declining from $1.640 trillion to $1.560 trillion at its intraday low.

Solana is priced at $69 at press time, a 6% decrease in 24 hours after floating above the $70 mark for four days straight. As CryptoPotato reported, it’s important that SOL closes above $68 —or maintains support at $60 if it wants to reach new ATHs.

Likewise, it seems Solana-based projects are the main topic of discussion these days; Jito, a Solana-based protocol, has gained significant attention in the SOL community after its native token, JTO, surged over 100% in just 24 hours of being launched.