Bonk (BONK) Dethrones Dogwifhat (WIF) as Solana's Largest Memecoin by Market Cap

Bonk (BONK) has dethroned dogwifhat (WIF) as Solana's largest memecoin by market capitalisation on Tuesday, as the coin surged to US$0.000057 (AU$0.000087)

Solana's largest memecoin by market capitalisation changed hands on Tuesday, with Bonk (BONK) dethroning dogwifhat (WIF) as the coin surged to US$0.000057 (AU$0.000087), achieving a total market value exceeding US$3.9B (AU$5.97B).

In contrast, WIF's price declined by 5% to US$3.29 (AU$5.03) in the last 24 hours, reducing its market capitalisation to under US$3.2B (AU$4.89B).

This milestone marks a significant turnaround for Bonk, which is billed as the “social layer” of Solana (SOL) and has been a key part of the network's community engagement. It initially gained a lot of attention in late 2022 but was briefly overshadowed by Dogwifhat earlier this year.

Bonk's ecosystem has also seen the creation of several community-driven projects, such as BONKbot and BONKSwap, which are designed to encourage community participation in a decentralised manner.

One recent initiative from the BONK team is ‘BURNmas’, a campaign that will culminate on Christmas Day and sees the community completing tasks that contribute to burning Bonk tokens, reducing the coin's circulating supply.

Based on community participation, up to 1 trillion tokens, representing 1.3% of Bonk's circulating supply, could be burned.

Overall, the Solana memecoin market capitalisation saw a steep decline in the last 24 hours, currently sitting at US$21.8B (AU$33.3B), a 3.6% decrease overnight.

The popularity of other notable Solana memecoins, such as Popcat (POPCAT), seems to be waning as new competitors enter the market.

One such competitor is Peanut the Squirrel (PNUT), which is inspired by a… well, a squirrel that became an internet sensation before being euthanised due to concerns about possible rabies.

Despite this, PNUT is not even a month old and has already managed to amass over US$1B in market capitalisation (AU$1.5B).