Solana-Based Meme Coin Outperforms Dogecoin, Shiba Inu To Become 3rd-Largest

BONK, a Solana-based meme coin, has continued to outperform the likes of Dogecoin and Shiba Inu over the last week. As the SOL price has rallied, so has its ecosystem coins continued to rise. This has led to a Solana-based meme coin becoming the third-largest meme coin in the space.

Despite BONK debuting on the meme coin scene months before PEPE, the latter had been able to quickly capture a larger market share and eventually became the third-largest in the space. PEPE would maintain this dominance for months, even after an over 60% decline from its all-time high. But it seems that dominance has come to an end.

Over the last week, the BONK price has continued to rally, eventually rising above $0.000012. This put its market cap above $700 million, eventually beating out PEPE’s market cap. For context, the PEPE market cap is currently sitting at $650 million compared to BONK’s $717 million.

In the same vein, the BONK meme coin has also outperformed the top 10 meme coins by market cap. In a one-week period, BONK has risen 192% compared to PEPE’s 40% and FLOKI’s 27%. Even 9GAG’s Memecoin (MEME) falls behind with 41% gains in the 7-day period.

BONK’s price has risen 40% in the last 24 hours alone and its trading volume has not been left out of the action. Currently, the BONK daily trading volume is sitting at $213 million which is a 119% increase from its previous day’s figures, data from CoinMarketCap shows.

Despite not seeing a performance as good as BONK, other meme coins such as Dogecoin and Shiba Inu have also been seeing positive headwinds. Both assets have performed quite well in the last seven days as DOGE rose 15.4% and SHIB rose 20.1%.

There are also other metrics that are driving the positive headwinds for these assets. For Shiba Inu, its volatility has remained high which has historically been a bullish thing for the price. If this holds, then there could be more rallies to come.

Then for Dogecoin, multiple upcoming events could trigger a price rally. First is the Dogecoin moon mission which is taking a physical DOGE coin to the moon in December. Then in 2024, the DOGE-1 mission is expected to take off and it is the first space mission fully funded by crypto and paid for entirely in Dogecoin. DOGE’s open interest has also been on the high side, something that has often been a signal of a rally in the past.