- BONK Inu’s market cap rises to $1.40 billion, surpassing Floki Inu.
Despite overall memecoin market downturn, BONK gains nearly 50% in two weeks.
As a researcher with a background in crypto markets, I’ve witnessed numerous ups and downs within the memecoin sector. The recent surge of Bonk Inu (BONK) against the backdrop of an overall downturn in the memecoin market is particularly intriguing.
I’ve analyzed the current state of the cryptocurrency market and noticed that it’s going through rough waters with a general downtrend. The memecoin sector, unfortunately, isn’t escaping this volatility either, as it witnessed a significant decline of 13.3% in just the past 24 hours.
The reduction in value has brought down the overall market capitalization of meme coins to around $45.2 billion. In contrast, Bonk [BONK] stands out as an exception amidst this market downturn.
BONK becomes the fifth-largest memecoin
While the majority of meme coins have faced downward pressure, Bonk has charted a different course.
Over the past fortnight, I’ve observed a significant surge in BONK‘s price, which has nearly doubled, reaching almost a 50% increase. In contrast, its peer FLOKI has only managed a modest 3% growth during the same period, as evidenced by data from CoinGecko.
The surge in growth for BONK has elevated its market worth to a staggering $1.4 billion, moving it past Floki Inu and establishing it as the fifth largest memecoin in current market rankings.
Due to recent developments, BONK has moved up the ranks and is currently the 58th largest cryptocurrency in the world. Notably, it has overtaken established names like Aave (AAVE) and Algorand (ALGO).
In the final months of 2022, a new cryptocurrency named Bonk entered the marketplace. For nearly a year, it remained relatively unknown to most investors. However, around the same time in 2023, Bonk experienced a significant surge in value, drawing greater attention and interest from the market.
The surge in popularity was driven by strong investor demand, backing from prominent figures in the cryptocurrency world, and being listed on renowned cryptocurrency trading platforms.
Significantly, BONK occupies the number two spot among meme tokens on the Solana (SOL) blockchain, with Dogwifhat (WIF) holding the top position.
At the close of March, the market capitalization of the former underwent a substantial hike, reaching almost $5 billion. However, it later retreated to approximately $2.2 billion.
BONK: Market outlook
Although Bonk has recently surpassed its rivals in terms of success, a closer examination of both Bonk and Floki Inu uncovers possible obstacles in their future paths.
Realistic or not, here’s BONK market cap in BTC’s terms
Based on the daily chart analysis of BONK, a bearish trend emerged, marked by a significant decrease in buyers’ liquidity, potentially leading to a further price drop and approaching the next minimum level.
The 8-hour chart of Floki Inu showed signs of possible decreases for meme coins like Floki Inu, suggesting a potentially bearish trend in the near future.
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2024-05-02 00:07