TL;DR
- Bonk Inu (BONK), a Solana-based meme coin, has risen by over 50% over the past two weeks, becoming the fifth-largest in its cohort with a market capitalization of almost $1.6 billion.
- Its growth has been bolstered by strong investor interest and listings on major cryptocurrency exchanges such as Binance and Coinbase.
BONK Climbs the Crypto Ladder
The correction reigning in the cryptocurrency market in the past few weeks has been more than evident, with leading digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and more witnessing substantial price declines.
The condition of the meme coin niche is no different, with most tokens deep in the red. However, there are a few exceptions, including the popular Solana-based meme coin – Bonk Inu (BONK) – which is up approximately 55% on a two-week scale (per CoinGecko’s data).
Its market capitalization recently neared the $1.6 billion mark, thus surpassing Floki Inu (FLOKI) to become the fifth-largest meme coin. Currently, BONK is the 65th biggest cryptocurrency, with a market cap higher than the popular altcoins Axie Infinity (AXS), The Sandbox (SAND), Aave (AAVE), and Algorand (ALGO).
It is also the second-largest meme coin built on the Solana blockchain, trailing only behind dogwifhat (WIF). The latter’s market capitalization exploded to almost $5 billion at the end of March before retracing to its current level of approximately $2.5 billion.
BONK’s Impressive Rise
The meme coin saw the light of day in December 2022, but it started making the headlines a year later. Back then, its price headed north exponentially, fueled by huge investor excitement, support from prominent individuals, and listing on leading cryptocurrency exchanges.
As CryptoPotato reported, some of the giants that have already embraced BONK include Binance, Coinbase, Bybit, Kraken, KuCoin, and many more.
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