Bonk (BONK) overtakes Dogwifhat (WIF), reclaiming dominance as Solana’s top meme coin

Solana’s so-called “social layer” Bonk (BONK) is back in the spotlight after a week of record-breaking performances.

On November 20, the popular token reached $0.000057, marking a new all-time high (ATH) after weeks of steady growth. In the process, it surpassed rival dogwifhat (WIF) to regain its position as the leading meme coin in the Solana ecosystem.

A return for Bonk

Dogwifhat, who flipped Bonk in March, and then enjoyed an extended period of dominance, has struggled to match the latter’s recent meteoric rise. In the past seven days, Bonk’s price rose by more than 72%, far outstripping its rival’s 13.7% gain.

The increase also means the meme token outperformed the global crypto market, which only rose 4.60% in that period, according to data from CoinGecko.

At the time of writing, Bonk was up 11.5% over the past 24 hours, although it was still 3% below the ATH set just a few hours earlier.

While dogwifhat made headlines last week after listing on Coinbase, it has struggled to maintain the same growth trajectory as Bonk. Much of its activity still remains concentrated in decentralized exchanges (DEX), limiting its exposure compared to Bonk’s more widespread appeal.

WIF’s current price of $3.35 is a far cry from its all-time high of $4.83 reached earlier this year. While its market cap is an impressive $3.33 billion, placing it at number 45 on the list of the largest cryptocurrencies, it now lags behind Bonk’s new valuation of $4.16 billion.

Still, its jump of nearly 14% in seven days means WIF still did better than the broader digital asset market, as well as the meme sector, which posted an increase of 8.20 % during the past week.

The Bonk ecosystem fuels the resurgence

Some have attributed the reversal of fortune to Bonk’s dynamic ecosystem and strong community support. The meme coin was introduced in December 2022, after which it captured the imagination of Solana users with its promise to serve as the network’s social layer.

Projects like BONKbots and BONKSwap have sprung up around the token, cementing its position as a cornerstone of Solana’s decentralized finance (DeFi) space.

Upcoming projects like the BURNmas initiative have also boosted Bonk’s momentum. The community-driven project that will culminate on Christmas Day will remove up to one trillion Bonk tokens from circulation to help improve their scarcity and potentially increase their value even further.

Recently, meme coin trading was at the core of Solana’s DeFi sector, reaching a record $5 billion in daily trading volume for three consecutive days. In addition, BONK and WIF price increases also helped push the blockchain’s monthly DEX volume past $70 billion for the first time in its history.

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