Solana-Based Meme Coin Outperforms Dogecoin, Shiba Inu To Become 3rd-Largest
December 08 2023 - 5:00PM
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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. BONK Meme Coin Beats Out PEPE For Third
Place 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. Related Reading: Shiba Inu Burn Rate Rises Rapidly
In One Week, What’s Been Driving It? 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. BONK price
touches new ATH | Source: BONKUSDT on Tradingview.com
Dogecoin And Shiba Inu See Positive Headwinds 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%. Related Reading: Bitcoin Bullish Fractal
Returns: Analyst Predicts Another Leg-Up With Price Target 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. Follow Best Owie on X (formerly Twitter) for
market insights, updates, and the occasional funny tweet… Featured
image from Crypto News, chart from TradingView.com
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