BONK, a popular memecoin on Solana, has spiked more than 28% in the past 24 hours while recording a gain of more than 900% during the past month, according to data from Coinmarketcap.
With these gains, BONK has become the third-largest dog-themed memecoin in terms of market capitalization. It has reached a market cap of over $450 million. It is currently the fourth-biggest memecoin after Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
BONK has surged more than 80% in the past 7 days and its market cap has increased to nearly $460 million from $217 million on Sunday.
The spike in BONK coincided with the growth of the Solana ecosystem which is seeing a major recovery since last month. SOL has gained more than 50% throughout this month.
BONK was launched in December 2022 and while being a new memecoin compared to others, it saw a quick adoption into the cryptocurrency market. It is also one of the largest tokens in the Solana ecosystem.
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