BONK surpasses Floki inu to become fifth largest memecoin

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As an experienced analyst, I find it intriguing that Bonk Inu (BONK) has managed to outperform Floki Inu (FLOKI) in the meme coin space despite the overall cryptocurrency market correction. The resilience of BONK is noteworthy, considering the significant drops experienced by Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other leading digital assets.

The meme coin Bonk Inu (BONK), which runs on the Solana blockchain, now holds a larger market value than Floki Inu (FLOKI), making it the fifth-largest meme coin in terms of market capitalization.

As a crypto investor, I’ve noticed that the cryptocurrency market has gone through a correction lately. Big names in the digital currency world, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE), have experienced significant price decreases.

Many meme coins are experiencing a downturn, but some defy this trend. One such coin is Bonk Inu (BONK), which has surged by approximately 55% over the past fortnight based on information from CoinMarketCap.

BONK surpasses Floki inu to become fifth largest memecoin

The value of BONK in the market has reached a new high of $1.47 billion, pushing it past Floki Inu (FLOKI) to claim the fifth spot among meme coins. With this achievement, BONK now holds the position of the 58th largest cryptocurrency, outpacing well-known cryptocurrencies like Axie Infinity (AXS), The Sandbox (SAND), Aave (AAVE), and Algorand (ALGO).

The second largest meme coin on the Solana blockchain, following Dogewhats (WIF), has a significant market value. At the close of March, this value reached almost $5 billion, but it has since decreased to approximately $2.4 billion.

In December 2022, Bonk Inu emerged onto the scene, yet it wasn’t until a year later that it gained significant attention due to a remarkable price increase. This surge was fueled by robust investor demand, endorsement from notable figures, and inclusion in the offerings of prominent cryptocurrency exchanges.

Previously mentioned in crypto.news, exchanges including Binance, Coinbase, Bybit, Kraken, and KuCoin have already made BONK available for trading.

Based on data from CoinMarketCap, the combined value of all meme coins dropped by approximately 8.4% in the past day to reach a total market cap of around $45 billion. Among them, Dogecoin (DOGE) remains in the front with a market capitalization of over $18.8 billion. Shiba Inu (SHIB) ranks second with a market value of approximately $12.9 billion.

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2024-05-01 10:47