PENGU overtakes BONK and becomes the top Meme coin in Solana with a valuation of $2.6 million

Newly launched cryptocurrency Pudgy Penguins Pengu (PENGU) has toppled Bonk (BONK) to claim the crown as the largest meme coin in the Solana ecosystem, with a market cap of $2.65 billion.

The change is the culmination of a rally that began on Christmas Eve when the token gained more than 30% in 24 hours.

PENGU Gets up

Data from crypto price tracking website CoinGecko shows that the broader Solana meme coin market has seen explosive growth, with its total valuation rising to $18.2 billion, a 10.3% increase over the last day

Anchoring this performance was PENGU, which recorded an increase of 11.2% in the last 24 hours and a remarkable increase of 22.3% in the last seven days.

The meme coin, released into the open to members of the globally successful Pudgy Penguins NFT community on December 17, has not been without controversy. Shortly after the token’s launch, the minimum prices of the NFT collection fell by more than 50%, wiping out the gains made since early November.

According to analysts, this was largely because the value of the collection was partly tied to exclusive access to the brand, with the introduction of PENGU making investment in NFTs more accessible, diluting their value .

At its launch, the coin reached an all-time high of $0.0684 before falling to an all-time low of $0.0114. It then went on a seesaw over the next few days, moving between $0.038 on December 18th and $0.0231 on December 20th. However, since December 23, it has been making steady gains, reaching $0.0417 on Christmas Day, a price that pushed its market capitalization to $2.62 billion.

BONK Falls

Conversely, Solana’s previous king of meme coins, BONK, showed more modest improvements in its price over the past seven days, rising 6.9% in that period. Additionally, over the course of two weeks, it lost 17% of its value, with CoinGecko data showing another 23% drop in 30 days, putting its market cap at just over $2.5 billion and allowing to PENGU overcome it.

The competition does not end here. Other meme tokens like dogwifhat (WIF) and Fartcoin (FARTCOIN) are competing for investors’ attention. On Christmas Eve, the former hit an all-time high of $1.02, pushing its global value past $1 billion.

However, while Fartcoin is among the best seven-day gainers with a 13.1% price increase, it has plunged 15% since December 25. With a unit currently changing hands around $0.986, its market cap of $1.072 billion is still far behind. WIF is $1.9 billion.

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