Bonk (BONK), a Solana-based dog-themed memecoin, has risen to become the third-largest memecoin in terms of market cap

Bonk (BONK), a Solana-based dog-themed memecoin, has risen to become the third-largest memecoin in terms of market capitalization.

This unexpected surge, which occurred on December 8th, saw Bonk’s price increase by an impressive 370% in the previous month, propelling its market capitalization to $762 million, surpassing competitors such as Pepe.

According to CoinGecko data, Bonk has risen from $0.0000028 to $0.000012 in the last 30 days. This surge outpaced more established dog-themed meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE), which gained 20% and 35%, respectively, during the same time.

Bonk’s recent gains can be attributed to a variety of factors, including its inclusion in well-known centralized exchanges like Binance and KuCoin.

Furthermore, futures data shows a significant increase in open interest, indicating active trading of Bonk derivatives, which contributes to the token’s price volatility.

Bonk, which debuted on December 29, 2022, quickly gained attention by experiencing a remarkable 3,766% increase in value within its first week of trading, despite the challenging bear market conditions.

However, beginning on January 5th, Bonk began to fall, remaining stagnant at levels near its all-time lows for the rest of the year.