Bonk Reclaims the Throne of Solana Meme Coins, Surpassing Dogwifhat
The popular meme coin Bonk on Solana recently hit a new high of $0.000057, reclaiming the top position.
Bonk, the 'social layer' of Solana, has been on fire this past week and has become the center of attention.
On November 20, Bonk rose to $0.000057, increasing for several weeks and setting a historical high. This allowed it to surpass the previously leading Dogwifhat (WIF) and reclaim its title as the king of Solana meme coins.
Bonk's Return to Power
Previously, Dogwifhat had pushed Bonk down and held the top position for several months. However, this time Bonk surged too rapidly, increasing by 72% in just seven days, while WIF only rose by 13.7%.
Bonk not only rose faster than WIF but also outperformed the entire cryptocurrency market. During this period, the global cryptocurrency market only increased by 4.6%.
As of the time of writing this article, Bonk had increased by another 11.5% in the past 24 hours. Although it was slightly lower than the new high earlier, the momentum is still strong.
Although WIF was listed on Coinbase last week, its growth still lagged behind Bonk. It mainly trades on decentralized exchanges (DEXs) and is not as popular as Bonk.
Currently, the price of WIF is $3.35, still far from this year's high of $4.83. Although it has a market cap of $3.33 billion, ranking 45th in the cryptocurrency space, it has still been surpassed by Bonk's $4.16 billion.
However, WIF has also risen nearly 14% in the past seven days, performing better than most digital assets and meme coins, which only rose by 8.2% last week.
Bonk's Ecosystem Helps Its Comeback
Bonk's ability to bounce back is entirely due to its ecosystem and community support. This coin emerged in December 2022, aiming to become the social layer of Solana, quickly attracting Solana users.
As soon as Bonk launched, projects like BONKbots and BONKSwap followed, allowing Bonk to establish a foothold in Solana's decentralized finance (DeFi).
There is also a plan called BURNmas, which states that on Christmas, one trillion Bonk will be burned to make it rarer, thus increasing its price.
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