Best in Show? Solana's BONK Joins Dogecoin and SHIB as Top Dog Coins - Decrypt

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History is being made this very moment—so long as you consider the fortunes of dog-themed meme coins to be a valid subject of historical inquiry. 

On Tuesday, ascendant Solana-based canine crypto token BONK hit another major milestone: It now sits among the top three “dog-themed coins” by market capitalization, having dethroned the Ethereum-based, Shiba Inu-inspired token FLOKI earlier today.

BONK currently boasts a market capitalization of nearly $443 million, according to CoinGecko. That’s enough to slip past FLOKI, the meme coin created in 2021 in honor of Elon Musk’s Shiba Inu, which currently sits at a $422 million market cap. 

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It’s been a tremendous autumn for BONK, which is up an astounding 876% over the last month. In a recent period from late October to late November, the coin surged a whopping 1,700%. In the last day, BONK rose another 24%, hitting yet another new all-time high of $0.00000731 shortly before this article posted.

Those gains have now put the once-humble BONK in (relative) proximity to the titans of the dog coin universe: Dogecoin (DOGE) and Shiba Inu (SHIB). 

But while BONK can now enjoy sharing top (three) dog status with those storied meme coins, it’s a long way from best in show: DOGE’s market cap currently sits at nearly $13 billion. SHIB commands just over $5.5 billion. 

Much of BONK’s recent success can be attributed to the rising fortunes of its parent network, Solana.

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After a mostly dismal year for Solana, kicked off last December by the implosion of FTX—which closely associated itself with the blockchain—SOL finally broke the fever during Sam Bankman-Fried’s criminal trial last month. Since opening statements in the trial in early October, SOL has almost tripled in value to nearly $61 as of this writing.

Die-hard supporters of Solana and BONK are hopeful recent gains are only the start of an even more massive comeback for the crypto ecosystem. At SOL’s all-time high in late 2021, the coin nearly hit $260.

Edited by Andrew Hayward

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