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.
A closer look at the numbers
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.
The rise and fall of Bonk
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.
Dan Burgin
U.Today Editorial Team
