Bonk BONK, a canine-themed meme coin on Solana, experienced a major upswing during the weekend by registering a three-month high of 0.00005269. This surge resulted in the token's market capitalization rising above 4 billion. On Tuesday, BONK recorded a new all-time high of 0.000057 after breaking its peak price multiple times over the past week.
Launched in December 2022, Bonk is the first meme coin to be deployed on Solana and was billed as the 'social layer" of the blockchain. However, the 23 billion Solana meme coin market has been largely led by its main rival Dogwifhat WIF this year. WIF flipped BONK to take the top spot in March, dethroning the original Solana meme coin for months.
BONK managed to take back the mantle after speculative demand for the token fetched 1.95 billion in trading volume on the 1000x BONK perpetual contracts and another 455.52 million on regular BONK derivatives. This came despite WIF raking up 1.91 billion in 24-hour trading volume.
Bonk also doubled Dogwifhat's daily trading volume on the spot market. As per CoinGecko data, BONK recorded 1.9 billion in spot trades, compared to the little over 1 billion taken home by WIF.
