Can Bonk (BONK) Overtake Rivals Shiba Inu (SHIB) and Dogecoin (DOGE)?

The crypto dog race escalates with a new title contender in Solana’s $BONK.

Three dogs sitting in a box ring ready to fight shiba Inu holding a bonk.

Emerging out of the blue nearly a month ago, the Solana-based canine memecoin Bonk (BONK) had a wild ride since its launch. Thanks to quick adoption by Solana’s community, Bonk had a supersonic bull run with a 4424% increase just one week after launch. The sky-high interest in the newly-bred dog-themed crypto came after the developers airdropped half of the total supply to the SOL blockchain community.

Recently, cryptocurrency data aggregator CoinGecko revealed that BONK managed to triple its market price just eight days after launch, which is at the speed of light compared to Shiba Inu’s (SHIB) 141 days. Ultimately, if the tenacious bullish trend persists, the Solana savior can become a steady competitor in the current dog race between Shiba Inu and Dogecoin (DOGE).

BONK Comes to Rescue Solana

Phenomenally fast, the Solana-based token sparked mainstream crypto investor attention. Indeed, this turned out very favorable for the severely bleeding SOL, which had dropped to single digits and shrunk in market cap ten times since the beginning of 2022. Solana’s hardships might be over with the 63.5% increase since Bonk’s emergence

Sponsored

At press time, SOL trades at $23.30, according to CoinGecko. Having gained another 0.7% in the last 24 hours, SOL’s sunny days continue despite BONK dropping 16.7% of its value since last week. On the other hand, BONK is attempting to bounce back after the rapid 35% plunge, with 2.1% gains in the last 24 hours. The 375th-ranked canine crypto is changing hands at $0.00000134, according to CoinGecko.

DOGE: The Light Bringer Grows Bigger

The community behind the leading memecurrency Dogecoin, more popularly known as the DOGE Army, stands out from the Twitter crowd with a constant flurry of light-hearted memes, adopting an optimistic approach even amid severe crypto winter conditions. Since it’s the oldest of the three analyzed dog-themed cryptocurrencies, Dogecoin’s development is hard to compare since the beginning had barely seen any technical upgrades.

DOGE was created in a couple of hours by programmer-turned-comedian Billy Markus, who claims to be no longer on the developer team. The Elon Musk-endorsed DOGE produced one of the biggest bull runs of 2022 in late October – early November, as it hit a yearly high of $0.1424 at 2:00 AM on November 2nd, 2022.

On the Flipside

  • Despite a great run in recent weeks, DOGE had to step aside from the 8th spot by global market cap as Cardano (ADA) outpaced the memecoin.

Why You Should Care

Memecurrencies often spark rebound bull runs for altcoins due to fast adoption and substantial social mentions.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.