A Solana-based meme-inspired cryptocurrency called BONK has been outperforming other major memecoins over the last few months, having seen its price skyrocket nearly 2,000% over the last six months to now trade at $0.0000079756 per token.
The token was trading at around $0.00000016 back in October before it started surging. The surge was seemingly partly fueled by leading cryptocurrency exchange Binance listing BONK futures contracts, along with futures contracts for decentralized finance network PYTH.
The price rise has seen BONK become one of the leading memecoins by market capitalization with a $435 million market cap after a near 95% surge over the last seven days.
Its market capitalization is notably still dwarfed by the two leading memecoins by the metric, which include Shiba Inu (SHIB), which has a $5.87 billion market capitalization, and Dogecoin (DOGE), which has a $14 billion market capitalization.
BONK’s recent rise saw it surpass rival meme-inspired cryptocurrency Floki Inu, which currently has a $385 million market capitalization. It had earlier surpassed Baby Dogecoin, which boasts a market cap of just over $200 million.
Part of its success is attributed to it being based on Solana, a layer-2 cryptocurrency that has surged so far this year as institutional investors bet on it and as it recovers from the collapse of FTX, which had heavily supported its ecosystem.
BONK’s rising popularity comes as developers are beginning to recognize the strengths of the blockchain once again. However, while SOL has seen an 85% increase over the past 30 days, BONK, the leading meme coin on the network, has witnessed even more substantial gains.
The cryptocurrency’s team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.”
Featured image via Unsplash.
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