BONK Memecoin Inspired by Dog Bonk Meme Continues to Set New ATHs, Generates More Trading Volume on Coinbase Than XRP, SOL, and ADA

BONK memecoin inspired by dog bonk meme continues to set new ATHs, generates more trading volume on Coinbase than XRP, SOL, and ADA

Solana-based memecoin BONK (BONK) has continued setting new all-time highs in price, and has also managed to generate a 24-hour trading volume on Coinbase that surpasses tokens with significantly higher market caps, such as XRP, SOL, and ADA.

Coinbase’s 24-hour trading volume for BONK currently stands at roughly $256 million, which equates to 4.2% of the exchange’s total volume. This is greater than the 24-hour trading volume generated by XRP ($253 million), SOL ($239 million), and ADA ($106 million), according to data from CoinGecko.

From October to November month-to-date, BONK volume flowing through exchange infrastructure provider 0x has increased roughly 350% from about $300,000 in October to approximately $1.5 million, according to Scott Guenther, head of finance at 0x. Guenther noted that the increased volume “gives us the insight that users are somewhat risk-on.”

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BONK’s increased 24-hour trading volume comes as the memecoin reached an all-time high in price of $0.00005825 and a market cap of roughly $4.4 billion late Tuesday; its market cap has since settled at roughly $3.7 billion. By comparison, Solana's market cap is nearly $110 billion, while XRP's is almost $62 billion and ADA's is roughly $29 billion.

As for why BONK is seeing larger trading volumes than these top-10 tokens by market cap, Nicolai Søndergaard, a research analyst at blockchain analytics firm Nansen, said it might simply be the token’s turn in the spotlight during this meme-focused cycle.

“Solana already saw a nice run-up,” Søndergaard said. “I think BONK as a community meme token potentially could see that as well, because it hasn’t really seen the same love, I’d say, compared to a lot of the other meme tokens in this current run.”

Søndergaard also argued that BONK’s rally highlights a persistent interest in older animal-based tokens because the animals are easy to relate to, whether they’re funny, cute, or just a great story. BONK was inspired by a 2019 meme referring to a Shiba Inu getting hit on the head with baseball bats and hammers.

“I think that’s why it’s something that you see just coming back also because we still have a lot of people who continue trading, but also people who are probably coming back now who were in at the last time,” Søndergaard said. “[Animals are] part of what they remember.”

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According to block explorer Solscan, the number of BONK holders stands at 821,091, which is more than quadruple the holder count of Solana’s second-largest memecoin, dogwifhat (WIF) at 200,404.

“I think that the number of holders [and] the distribution of tokens, to some extent, helps with whether [a token’s rise is] a community-led pump or [gamed by] some insider[s],” Guillaume Lambert, the CEO of trading platform Panoptic, told Unchained.

BONK was initially rolled out at the end of 2022, a brutal year for the Solana ecosystem which saw the price of the SOL token tumble to below $10 largely due to its strong relationship with FTX founder and CEO Sam Bankman-Fried.

The large holder count of BONK can be attributed to its community airdrop and its role in revitalizing Solana, Suki Yang, founder of memecoin platform LMAO, told Unchained.

“BONK arguably kind of saved Solana from the bottom of the bear market,” Yang said.