The overall cryptocurrency market has experienced a remarkable 110 percent year-to-date increase, fueled by several market-reviving milestones that gained momentum towards the end of October. In this period, which propelled the crypto market cap to $1.6 trillion, investors enthusiastically embraced new crypto tokens, with one standout being Bonk. This dog-themed memecoin operates on the eco-friendly Solana blockchain and was introduced to the market in December 2022.
In recent days, Bonk has surpassed the market cap of the popular memecoin Pepecoin. Over the past 30 days, the price of the Bonk token surged from $0.0000028 (approximately Rs. 0.00023) to $0.000012 (approximately Rs. 0.0010).
With a monthly market cap surge of 370 percent, the valuation of the Bonk token reached $762 million (approximately Rs. 6,353 crores) before experiencing a dip due to market volatility. In recent days, Bonk’s market cap officially exceeded Pepecoin’s valuation of $675 million (approximately Rs. 5,628 crores), according to data from CoinGecko cited in a CoinTelegraph report.
Bonk now holds the position of the third-largest meme coin, closely trailing the top two meme coins, DOGE and SHIB, with market capitalizations surpassing $14.4 billion (approximately Rs. 1,20,070 crores) and $6 billion (approximately Rs. 50,029 crores), respectively.
Modeled after the Shiba Inu dog breed, the Bonk token recently secured listings on international crypto exchanges like Binance and KuCoin, contributing significantly to its overall growth.
Launched on December 29 last year, BONK achieved a remarkable 3,766 percent uptick within its first week of trading. Despite a relatively quiet period from January to mid-October this year, the token began to show signs of growth around October 21, coinciding with an increase in the sale of Solana-based NFTs, as highlighted in the CoinTelegraph report.
In addition to Bonk, Ordi is another meme coin that has garnered substantial attention from the investor community in recent weeks. Positioned as the first BRC-20 crypto token on the Bitcoin blockchain, the Ordi token reached an all-time high of $65.06 (approximately Rs. 5,422). Over the past seven days, the token witnessed a 148 percent price surge, and in the last 30 days, the ORDI token has risen by an impressive 500 percent, capitalizing on Bitcoin’s bullish trend.
