The Solana-based meme coin, Bonk (BONK), has overtaken Ethereum's Shiba Inu (SHIB) in 24-hour trading volume. BONK might be gearing up for a comeback after plunging from its December peak.
As of the latest data, Bonk (BONK) is currently ranked 95th by market capitalization and has experienced a substantial increase in its 24-hour trading volume, reaching over $104 million.
Despite this, it's important to note that Bonk is still down by more than 60% from its all-time high of $0.00003416 reached about a month ago.
Meanwhile, Dogecoin (DOGE) holds the 11th spot with a slight price increase and a stable market cap of over $11 billion.
Shiba Inu (SHIB), now overshadowed by Bonk in daily trading volume, sits at the 19th rank, with a market cap of approximately $5 billion.
On the downside, Dogwifhat (WIF) and Pepe (PEPE) have seen their values decrease by 4.5% and 2.7% respectively over the past week, with Dogwifhat experiencing a significant drop in market capitalization and trading volume.
After an enormous rally, Bonk faced a steep price drop, shedding much of its gains since its peak in December.
The token's initial surge was attributed to a frenzy in the Solana ecosystem, which saw the price of Bonk tokens increase by over 1,000%.
This impressive run led to listings on major exchanges such as Binance and Coinbase. However, the euphoria was short-lived, as the price plunged by over 70% from its December high.
Despite the recent downturns, the Solana network continues to generate buzz with new entrants in the meme coin space. Dogwifhat (WIF), another Solana-based meme coin, has not only rebounded but also surpassed its Ethereum-based rival FLOKI in market capitalization.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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