In a notable development within the meme coin space, Solana-based Bonk Inu (BONK) has overtaken Floki Inu (FLOKI) in market capitalization, securing its position as the fifth-largest meme coin.
Amid a broader correction in the cryptocurrency market, including significant drops in the prices of leading digital assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE), some meme coins have managed to defy the trend.
Bonk Inu (BONK) stands out with a remarkable surge of nearly 55% over the past two weeks, as reported by CoinMarketCap. This surge has propelled its market valuation to $1.47 billion, surpassing Floki Inu (FLOKI) and earning the fifth spot among meme coins. BONK now ranks as the 58th largest cryptocurrency overall, surpassing prominent projects like Axie Infinity (AXS), The Sandbox (SAND), Aave (AAVE), and Algorand (ALGO).
Notably, Bonk Inu is the second-largest meme coin on the Solana blockchain, trailing only Dogewifhat (WIF), which reached a market value of nearly $5 billion before experiencing a decline to around $2.4 billion by the end of March.
While Bonk Inu made its debut in December 2022, it gained significant attention a year later due to a dramatic surge in price fueled by strong investor interest, support from key figures, and listings on major cryptocurrency exchanges.
Leading exchanges like Binance, Coinbase, Bybit, Kraken, and KuCoin have already listed BONK, further bolstering its visibility and accessibility to traders.
Despite a slight decrease in the overall market capitalization of meme coins by 8.4% in the last day, as per CoinMarketCap data, Dogecoin (DOGE) maintains its lead in the category with a market capitalization of $18.8 billion, followed closely by Shiba Inu (SHIB) at $12.9 billion.
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