The total crypto market capitalization rose 110 percent this year on the back of a number of market-recovering milestones that accelerated in late October this year. During this period, which saw the crypto market cap reach $1.6 trillion, investors weren't entirely shy about getting involved with a number of new crypto tokens, including Bonk. Bonk, a dog-themed memecoin, is based on the eco-friendly Solana blockchain and was first introduced to the market in December 2022.
In recent days, Bonk surpassed recent memecoin star Pepecoin, in terms of market capitalization. In the previous 30 days, the price of Bonk token rose from $0.0000028 (approximately Rs. 0.00023) to $0.000012 (approximately Rs. 0.0010).
After registering a monthly market capitalization increase of 370 percent, the valuation of the Bonk token touched the $762 million mark (approximately Rs. 6,353 crores) before retreating due to market volatility. In recent days, Bonk's market cap officially crossed Pepecoin's valuation of $675 million (approximately Rs. 5,628 crore), according to a Cointelegraph report based on data from CoinGecko.
The Bonk token is now the third-largest meme coin on the block, closely following the top two meme coins DOGE and SHIB, whose market caps exceed the $14.4 billion mark (approximately Rs. 1,20,070 crore) and $6 billion (about 1,20,070 crore) and $6 billion fluctuate. respectively about Rs. 50,029 crore).
Solana's recent rise in popularity has made the dog-themed token called BONK the third largest in its category. With a remarkable increase of over 70% since Sunday, BONK now ranks just behind the prominent dogecoin (DOGE) and shiba inu (SHIB) tokens. This… pic.twitter.com/CiYveQh5hw
— Crypto Street (@cryptostreetaz) December 7, 2023
The Bonk token, modeled after the Shiba Inu dog breed, was also recently listed on international crypto exchanges such as Binance and KuCoin, providing an essential factor for Bonk's overall growth.
BONK was first launched on December 29 last year and managed to post a 3,766 percent increase within its first week of trading.
Between January and mid-October this year, the token saw no significant action. With sales of Solana-based NFTs growing, the Bonk token also started showing signs of growth around October 21, the Cointelegraph report said.
Along with Bonk, Ordi is another meme coin that has gained significant traction among the investment community in recent weeks. The first BRC-20 crypto token on the Bitcoin blockchain, the Ordi token, recently hit its all-time high of $65.06 (approximately Rs. 5,422). In the past seven days, the token saw a 148 percent price increase. Over the past 30 days, the ORDI token has risen by as much as 500 percent, riding the bull run of Bitcoin.
