BONK, a Solana-based meme coin, has continued to outperform the likes of Dogecoin and Shiba Inu over the past week. Because the SOL worth has rallied, so has its ecosystem cash continued to rise. This has led to a Solana-based meme coin turning into the third-largest meme coin within the house.
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 rapidly seize a bigger market share and ultimately grew to become the third-largest within the house. PEPE would keep this dominance for months, even after an over 60% decline from its all-time excessive. However evidently dominance has come to an finish.
During the last week, the BONK worth 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 presently 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% positive factors within the 7-day interval.
BONK’s worth has risen 40% within the final 24 hours alone and its buying and selling quantity has not been not noted of the motion. Presently, the BONK day by day buying and selling quantity is sitting at $213 million which is a 119% improve from its earlier day’s figures, information from CoinMarketCap reveals.
BONK worth touches new ATH | Supply: BONKUSDT on Tradingview.com
Dogecoin And Shiba Inu See Optimistic Headwinds
Regardless of not seeing a efficiency pretty much as good as BONK, different meme cash reminiscent of Dogecoin and Shiba Inu have additionally been seeing constructive headwinds. Each property have carried out fairly effectively within the final seven days as DOGE rose 15.4% and SHIB rose 20.1%.
There are additionally different metrics which might be driving the constructive 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 might set off a worth rally. First is the Dogecoin moon mission which is taking a bodily DOGE coin to the moon in December. Then in 2024, the DOGE-1 mission is anticipated to take off and it’s the first house mission totally funded by crypto and paid for totally in Dogecoin. DOGE’s open curiosity has additionally been on the excessive aspect, one thing that has typically been a sign of a rally prior to now.
