BONK, a Solana-based meme coin, has continued to outperform the likes of Dogecoin and Shiba Inu during the last week. Because the SOL value has rallied, so has its ecosystem cash continued to rise. This has led to a Solana-based meme coin changing into the third-largest meme coin within the area.
BONK Meme Coin Beats Out PEPE For Third Place
Regardless of BONK debuting on the meme coin scene months earlier than PEPE, the latter had been capable of shortly seize a bigger market share and ultimately grew to become the third-largest within the area. PEPE would keep this dominance for months, even after an over 60% decline from its all-time excessive. However it appears that evidently dominance has come to an finish.
During the last week, the BONK price has continued to rally, ultimately rising above $0.000012. This put its market cap above $700 million, ultimately beating out PEPE’s market cap. For context, the PEPE market cap is at the moment sitting at $650 million in comparison with BONK’s $717 million.
In the identical vein, the BONK meme coin has additionally outperformed the highest 10 meme cash by market cap. In a one-week interval, BONK has risen 192% in comparison with PEPE’s 40% and FLOKI’s 27%. Even 9GAG’s Memecoin (MEME) falls behind with 41% good points within the 7-day interval.
BONK’s value has risen 40% within the final 24 hours alone and its buying and selling quantity has not been disregarded of the motion. At present, the BONK day by day buying and selling quantity is sitting at $213 million which is a 119% enhance from its earlier day’s figures, data from CoinMarketCap reveals.
BONK value touches new ATH | Supply: BONKUSDT on Tradingview.com
Dogecoin And Shiba Inu See Optimistic Headwinds
Regardless of not seeing a efficiency nearly as good as BONK, different meme cash resembling Dogecoin and Shiba Inu have additionally been seeing optimistic headwinds. Each property have carried out fairly nicely within the final seven days as DOGE rose 15.4% and SHIB rose 20.1%.
There are additionally different metrics which can be driving the optimistic headwinds for these property. For Shiba Inu, its volatility has remained excessive which has traditionally been a bullish factor for the value. If this holds, then there might be extra rallies to come back.
Then for Dogecoin, a number of upcoming occasions may set off a value rally. First is the Dogecoin moon mission which is taking a physical DOGE coin to the moon in December. Then in 2024, the DOGE-1 mission is anticipated to take off and it’s the first area mission absolutely funded by crypto and paid for completely in Dogecoin. DOGE’s open interest has also been on the high side, one thing that has usually been a sign of a rally previously.