A Formidable Rival Has Emerged to DOGE and SHIB: It Is Rising Rapidly!

Bonk, a Shiba Inu-inspired cryptocurrency, has experienced a meteoric rise in value. Thus, it rose to third place among dog-themed tokens, right behind DOGE and SHIB.

There is now a strong competitor for DOGE and SHIB!

BONK, a Shiba Inu-themed token, first entered the market last December. Meme coin has returned nearly 1,000% in the past month alone. This was driven by the inflow of capital into the Solana Blockchain and the increase in riskier bets on network-based tokens. Meme coin is up over 70% since Sunday. Thus, Bonk became the third largest dog coin after Dogecoin (DOGE) and Shiba Inu (SHIB). During this period, Bonk’s market value reached 500 million dollars. Other meme coins Floki Inu (FLOKI) have a market cap of $400 million and BabyDogeCoin $350 million. BONK moved to the front row by equalizing these two meme coins.

BONK monthly price chart. Source: CoinMarketCap

Although initially designed as a meme coin, Bonk quickly gained acceptance in the Solana ecosystem after its introduction. Several Solana projects have integrated the token to be used as payment for NFTs. Additionally, some introduced “burn” mechanisms for NFT-based events in the weeks after launch. According to the statements, the Bonk team does not have a single leader. Instead, there is a team of 22 people, all of whom were involved in the beginning of the project. All of them had previously built decentralized applications (dapps), Non-Fungible Tokens (NFT) and other related products on Solana.

Token transaction volume did not explode either

Meanwhile, there has been intense interest in the Solana ecosystem since October. This intense interest seems to have increased the attractiveness of the token. Trading volume exceeded $80 million on Tuesday. That’s a 10-fold increase from the $8 million daily average at the beginning of November. Data shows that investors also opened highly leveraged bets on the token along with the increase in prices. Open interest (or the amount of unclosed futures positions) climbed from less than $10 million at the beginning of November to $100 million on Tuesday.

BONK token open interest increased tenfold. Source: Coinglass

As you follow on Kriptokoin.com, other dog-themed tokens have also gained value in the last 24 hours. DOGE is up 16% and SHIB is up 8.5%. Meanwhile, FLOKI fell as investors took profits after a 25% jump on Tuesday.