As the crypto bull run continues, meme coins are leading the way with spectacular gains and skyrocketing market valuations. While the meme coin craze has cooled somewhat since the start of the week, Solana’s meme coin BONK has capitalized on the relative calm and hit an all-time high.
Over the past 24 hours, BONK has increased by more than 30%, reaching an all-time high of $0.00005377. In contrast, meme coins like FLOKI have increased by only 6% over the same period, while others like Dogecoin and Shiba Inu have decreased by 3%.
Notably, just two weeks ago, BONK was trading at $0.00001713. With its current value at $0.00005377, it represents an impressive 213% increase from its monthly low.
BONK Overcome WIF
This remarkable performance has allowed BONK to regain market share from Dogwifhat (WIF), the Solana meme coin that made headlines in the first quarter of the year with its explosive growth. WIF has since quickly become the third largest meme coin by market capitalization, surpassing PEPE.
Currently, BONK boasts a market capitalization of around $4 billion, while WIF’s market capitalization is $3.86 billion. WIF has yet to experience a significant price increase like BONK. As of press time, WIF is trading at $3.87, up 2.15% in the last 24 hours and 53% in the past week.
A major factor contributing to WIF's price surge is its recent listing on Coinbase, the largest cryptocurrency exchange in the United States. However, the hype around BONK has outpaced WIF. At one point last week, BONK recorded a 24-hour trading volume higher than Ethereum, the largest altcoin by market capitalization.
