Solana-based meme coins Bonk Inu (BONK) has surpassed Floki Inu (FLOKI) in market capitalization, becoming the fifth-largest meme coin.
The cryptocurrency market has undergone a correction in recent weeks, with leading digital assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and others experiencing significant price drops.
While the majority of meme coins are in decline, there are a few exceptions. For instance, Bonk Inu (BONK) has seen an increase of nearly 55% over the last two weeks, according to CoinMarketCap data.
BONK 24-hour price chart | Source: CoinMarketCap
Its market valuation has risen to $1.47 billion, overtaking Floki Inu (FLOKI) to become the fifth-largest meme coin. BONK now ranks as the 58th largest cryptocurrency, surpassing popular cryptocurrencies like Axie Infinity (AXS), The Sandbox (SAND), Aave (AAVE), and Algorand (ALGO).
It is also the second-largest meme coin on the Solana blockchain, trailing only Dogewifhat (WIF). The latter’s market value soared to nearly $5 billion at the end of March before dropping to around $2.4 billion.
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Bonk Inu first appeared in December 2022 but did not make headlines until a year later when its price surged dramatically, driven by strong investor interest, support from prominent figures, and listings on major cryptocurrency exchanges.
As previously reported by crypto.news, platforms such as Binance, Coinbase, Bybit, Kraken, and KuCoin have already listed BONK.
According to CoinMarketCap, the overall market capitalization of meme coins decreased by 8.4% in the last day to $45 billion. Dogecoin (DOGE) continues to lead the category with a market capitalization of $18.8 billion, followed by Shiba Inu (SHIB) at $12.9 billion.
Read more: From Hollywood to HODL: how celebrity adoption is spurring the growth of memecoins
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