Shiba

Pepe

Dogecoin

Bonk

Shiba Inu

Bonk ranked number three among meme coins on Dec. 8, behind only Dogecoin in first place and Shiba Inu in second.&nbsp; 
Bonk, a canine-themed crypto on Solana, flipped fellow meme coin Pepe (<a href="https://crypto.news/price/pepe/" target="_blank" rel="noreferrer noopener">PEPE</a>) after rallying over 25 percent within 24 hours. 
The price gain pushed BONK to a $770 million market cap, climbing over Pepe-The-Frog-inspired PEPE with its $630 million market cap. 
Only the decade-old Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank" rel="noreferrer noopener">DOGE</a>) and Shiba Inu (<a href="https://crypto.news/price/shiba-inu/" target="_blank" rel="noreferrer noopener">SHIB</a>) boast higher valuations than BONK. At press time, the tokens had a market cap of over $13.9 billion and $5.9 billion, respectively. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1994" height="1143" src="https://crypto.news/app/uploads/2023/12/Screenshot-98.png" alt="Solana's BONK gains 30%, flips PEPE as third-largest meme coin - 22" class="wp-image-14225370">
 <figcaption class="wp-element-caption">
 Top 5 meme coins by market cap | Source: <a href="https://www.coingecko.com/en/categories/meme-token" target="_blank" rel="noreferrer noopener">Coingecko</a>
 </figcaption>
</figure> 
Meme coins have been a constant in crypto throughout its history, typically increasing in price amid broader market upticks. Such virtual currencies, usually associated with an animal, were also handed a boon in 2023 as attention surrounding <a href="https://crypto.news/spot-bitcoin-etf-will-sec-approve-or-buy-more-time/">spot Bitcoin ETFs</a> seemingly spurred an influx of cash injections into digital assets. 
 You might also like: <a href="https://crypto.news/can-bonk-or-pepe-flip-shiba-inu-to-second-behind-dogecoin/"> Can BONK or PEPE flip Shiba Inu to second behind Dogecoin? </a> 
Solana’s blockchain also experienced a massive $1 billion trading volume over 24 hours. The network saw more on-chain trading activity than Arbitrum, Binance Smart Chain, Polygon, Avalanche, and Thorchain.&nbsp; 
Ethereum was the single network with more trading volume than Solana, per DefiLlama. Crypto’s largest altcoin blockchain recorded $1.4 billion within the same timeframe. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1861" height="1285" src="https://crypto.news/app/uploads/2023/12/Screenshot-99.png" alt="Solana's BONK gains 30%, flips PEPE as third-largest meme coin - 23" class="wp-image-14225371">
 <figcaption class="wp-element-caption">
 Top 5 blockchains by 24-hour trading volume | Source: <a href="https://defillama.com/dexs/chains" target="_blank" rel="noreferrer noopener">DefiLlama</a>
 </figcaption>
</figure> 
 Read more: <a href="https://crypto.news/solana-ecosystem-projects-for-exploration-in-2024/"> Solana ecosystem projects for exploration in 2024 </a>

Solana’s BONK gains 30%, flips PEPE as third-largest meme coin

crypto.news

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