TL;DR

• BONK’s Progress: BONK, a Solana-based memecoin, surged by 370% previously 30 days, changing into the third-largest memecoin by market cap and surpassing PEPE.
• Key Drivers: BONK’s rise is attributed to its itemizing on KuCoin and speculative rumors a few Coinbase itemizing, alongside elevated curiosity in memecoins and Solana.
• Solana Market Developments: Each SOL and BONK confronted a downturn after a major market decline, however Solana-based tasks like Jito’s JTO proceed to achieve traction, highlighting a rising curiosity in Solana-related tokens.

BONK Leapfrogs PEPE

Solana’s standard BONK has dethroned PEPE by changing into the third-largest memecoin by market capitalization, in line with knowledge from CoinMarketCap.

BONK, the primary Solana canine coin launched in December 2022, has recorded over 370% in value progress within the final 30 days, boosting its totally diluted worth (FDV) to $1,248,899,516 and its market cap to roughly $810 million.

BONK’s 370% surge additionally overshadows SHIB (20%) and DOGE (35%). Nevertheless, BONK nonetheless has a big hole to shut if it desires to outrank the 2 main memecoins, which boast roughly $5.9b and $13.9b in market capitalization.

BONK’s surge from round $0.0000028 to $0.000012 over the previous 30 days might be attributed to a number of elements. A significant increase got here after KuCoin listed the token on its alternate, paired with the memecoin mania and Solana’s surge in curiosity from traders.

However rumors and speculations about the potential of Coinbase itemizing the memecoin are largely fueling BONK’s value. The rumors began after on-chain evaluation confirmed how Coinbase was testing the coin, which is a typical process for the alternate earlier than itemizing an asset on its platform.

Seems to be like @coinbase is probably testing a $BONK itemizing?

When a Coinbase handle receives SPL it helps, it sends 0.00124788 SOL for gasoline from a Coinbase handle and makes use of it to ship the SPL to the new pockets. If it doesn’t help it, like $GUAC right here, nothing occurs. pic.twitter.com/R8zszwvynv

— Cited (@cited) December 7, 2023

Solana-Based mostly Tokens On Hearth

Final week’s standout performers within the cryptocurrency market had been SOL and BONK. Whereas BONK stays one of many high gainers within the final 24 hours, the coin suffered the ripple impact after the crypto market shed over $80 billion on Monday, declining from $1.640 trillion to $1.560 trillion at its intraday low.

Solana is priced at $69 at press time, a 6% lower in 24 hours after floating above the $70 mark for 4 days straight. As CryptoPotato reported, it’s essential that SOL closes above $68 —or maintains help at $60 if it desires to succeed in new ATHs.

Likewise, it appears Solana-based tasks are the primary subject of dialogue lately; Jito, a Solana-based protocol, has gained vital consideration within the SOL neighborhood after its native token, JTO, surged over 100% in simply 24 hours of being launched.