BONK surpasses Floki inu to become fifth largest memecoin

Solana-based meme coin Bonk Inu (BONK) has surpassed Floki Inu (FLOKI) to become the fifth largest meme coin in terms of market cap.

The cryptocurrency market has experienced a correction in recent weeks, with leading digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and others experiencing significant price declines.

Although the majority of meme coins are in decline, there are a few exceptions. For example, Bonk Inu (BONK) has seen an increase of approximately 55% in the last two weeks, according to CoinMarketCap data.

BONK 24-hour price chart | Source: CoinMarketCap

Its market cap rose to $1.47 billion, surpassing Floki Inu (FLOKI) to become the fifth largest meme coin. BONK currently ranks as the 58th largest cryptocurrency, surpassing popular cryptocurrencies such as Axie Infinity (AXS), The Sandbox (SAND), Aave (AAVE), and Algorand (ALGO).

It is also the second largest meme coin on the Solana blockchain after Dogewifhat (WIF). The market value of the latter rose to about $5 billion at the end of March, then fell to about $2.4 billion.

Bonk Inu first appeared in December 2022, but didn’t hit the headlines until a year later when its price rose dramatically due to strong investor interest, support from prominent names, and listings on major cryptocurrency exchanges.

As previously reported by crypto.news, platforms such as Binance, Coinbase, Bybit, Kraken and KuCoin have already listed BONK.

According to CoinMarketCap, the overall market value of meme coins fell 8.4% in the last day to $45 billion. Dogecoin (DOGE) continues to lead the category with a market cap of $18.8 billion, followed by Shiba Inu (SHIB) at $12.9 billion.