Bonk Retakes Solana's Meme Coin Crown from PENGU, While Pudgy Penguins NFTs See a Surge in Floor Price

Bonk has emerged once again as Solana's premier meme coin, overtaking PENGU, with its market cap soaring to $2.5 billion.

Solana’s premier meme coin, Bonk, has experienced a resurgence, fueled by a community-backed token burn and subsequent price hike, while PENGU faces market challenges despite rising NFT floor prices.

Bonk has once again emerged as the top meme coin on the Solana network, surpassing PENGU with a market cap of $2.5 billion. This follows a ‘Burnmas’ initiative by the Bonk DAO, which burned 1.69 trillion tokens, reducing the total supply from 100 trillion to 91 trillion. The scarcity created by this burn has attracted buyers, driving up the price.

Currently, Bonk is priced at $0.00000328, up 3.9% in the last 24 hours and 4.9% over the past week. Meanwhile, PENGU is valued at $0.03568 with a market cap of $2.27 billion, making it the second-leading meme coin on Solana.

On the other hand, the Pudgy Penguins NFT ecosystem presents a contrasting market tale. While the PENGU token faces challenges, the NFTs of Pudgy Penguins have seen a strong rise in floor price, up 31% in the last week and 84.2% and 159.5% over 30-day and 60-day periods, respectively. Over the past year, its value has increased by 110.5%.

However, NFT trading activity for Pudgy Penguins has declined recently. According to CryptoSlam, sales dropped by 78.2% in the last week, totaling $11.86 million, with only 117 buyers and 107 sellers, marking significant decreases in market participation.

As PENGU’s price volatility continues, having dropped 47.8% from a high of $0.06845 on Dec. 17, though it remains 213.3% above its all-time low, the market dynamics will be interesting to follow.