Bonk, a dog-themed memecoin that was airdropped to the Solana community, is now the third largest memecoin by market capitalisation.
Bonk, a Solana-native memecoin that launched in December 2022, has rocketed 422% over the past 30 days, securing a new position as third largest memecoin.
Bonk initially launched as a free airdrop to the Solana community on Christmas Day 2022, but it has already outpaced other major memecoins, such as Pepe, in terms of market capitalisation.
At the time of writing, Bonk holds a market cap of $715,035,739. Pepe, an ERC-20 memecoin, holds a cap of $607,186,811.
Bonk was initially airdropped to reward “the downtrodden Solana community” after an extremely difficult year in 2022. It describes itself as the “true community coin” of Web3, with the token’s utility coming from various ecosystem integrations.
Nearly a quarter of Bonk is distributed among 40 Solana NFT projects, spread across high, mid and low market cap collections. 15% of the token will go towards the BonkDAO; 10% toward artists and collectors, and 15.8% toward Solana-based DeFi.
The surge comes amidst an overall bullish wave across the wider crypto market, which has seen Bitcoin gain 13.7% in the past 30 days.
Related: Dogecoin celebrates 10th birthday and hits $0.10 for the first time all year
Driving Bonk higher than other altcoins though is a renewed surge of interest in the Solana ecosystem. In August, Solana Pay integrated with Shopify, one of the biggest e-commerce platforms in the world.
Visa also tapped Solana for USDC merchant payments as it seeks to modernise its cross-border settlement capabilities.
In November, Solana surged 80% as Firedancer, the networks’s new independent validator client, went live on testnet. Firedancer is a long-term scaling solution that minimises the risk of software glitches on Solana, which has historically been plagued by network outages.
At the time of writing, Dogecoin and Shiba Inu, the only two memecoins surpassing Bonk, are down by -2.4% and -6.8% respectively.
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