- BONK reclaimed its position as Solana’s top meme coin with a market cap of US$3.9 billion. outpacing WIF.
- Bonk’s initiatives like BURNmas and ecosystem projects such as BONKbot and BONKSwap have fuelled its rising popularity and engagement.
- Solana’s memecoin market dipped by 3.6%, but the SOL price itself edges closer to its US$259 all-time high amid renewed market optimism.
Bonk (BONK) has dethroned dogwifhat (WIF) as Solana’s largest memecoin by market capitalisation on Tuesday, as the coin surged to US$0.000057 (AU$0.000087), achieving a total market value exceeding US$3.9B (AU$5.97B).
In contrast, WIF’s price declined by 5% to US$3.29 (AU$5.03) in the last 24 hours, reducing its market capitalisation to under US$3.2B (AU$4.89B).
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The Top Dogs
This milestone marks a significant turnaround for Bonk. But the dog-themed memecoin has repeatedly broken price records over the past week, solidifying its position as a community favourite since its launch in December 2022.
Billed as the “social layer” of Solana (SOL), Bonk has been a cornerstone of the network’s community engagement. It initially gained traction in late 2022 but was temporarily overshadowed by Dogwifhat earlier this year.
Bonk’s ecosystem has evolved to include various community-driven projects such as BONKbot and BONKSwap, encouraging community participation in a decentralised fashion.
A recent initiative from the BONK team is BURNmas, a campaign that culminates on Christmas Day and encourages community members to complete tasks that contribute to burning Bonk tokens, reducing the coin’s circulating supply.
Based on community participation, up to 1 trillion tokens, representing 1.3% of Bonk’s circulating supply, could be burned.
Solana Memecoin Market Outlook
Overall, the Solana memecoin market capitalisation has seen a steep decline in the last 24 hours, currently sitting at US$21.8B (AU$33.3B), a 3.6% decrease overnight.
The popularity of other notable Solana memecoins like Popcat (POPCAT) seems to fade away as new competitors chime in. One of them is Peanut the Squirrel (PNUT), which is inspired by a… well, a squirrel that was an internet sensation before being euthanised due to concerns about possible rabies.
Anyway, PNUT is not even a month old and has already amassed over US$1B in market capitalisation (AU$1.5B).
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In related news, SOL is gaining traction again in the market. Data from CoinGecko shows the coin is getting closer to its all-time high of US$259 (AU$396), last seen on November 8, 2021.
The total cryptocurrency market capitalisation remains above US$3.2 trillion despite minor declines in the past 24 hours.
Bitcoin (BTC) is currently maintaining momentum above the US$91k (AU$139K) barrier and saw a modest surge of 1.8% today. BTC’s ability to break past US$92,000 could determine whether the bullish momentum resumes or if the bears will continue to dominate in the near term.
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