PENGU Overtakes BONK, Turns into High Meme Coin on Solana at $2.6B Valuation

The newly launched Pudgy Penguins cryptocurrency Pengu (PENGU) has flipped Bonk (BONK) to assert the crown as the most important meme coin within the Solana ecosystem, with a market cap of $2.65 billion.

The shift is the fruits of a rally that kicked off on Christmas Eve when the token gained over 30% in 24 hours.

PENGU Rises

Information from the crypto worth monitoring web site CoinGecko exhibits that the broader Solana meme coin market has skilled explosive development, with its whole valuation rising to $18.2 billion, a ten.3% improve during the last day.

Anchoring this efficiency was PENGU, which posted an 11.2% leap previously 24 hours and a exceptional 22.3% rise within the final seven days.

The meme coin, airdropped to members of the globally profitable Pudgy Penguins NFT neighborhood on December 17, has not been with out controversy. Quickly after the token’s launch, the ground costs of the NFT assortment plunged by greater than 50%, wiping out any positive aspects made since early November.

Based on analysts, this was largely as a result of the worth of the gathering was partly pegged on unique entry to the model, with the introduction of PENGU making funding within the NFTs extra accessible, subsequently diluting their value.

On its rollout, the coin shot to a report excessive of $0.0684 earlier than dropping to a report low of $0.0114. It then see-sawed for the following few days, transferring between $0.038 on December 18 to $0.0231 on December 20. Nevertheless, since December 23, it has been making regular positive aspects, going as excessive as $0.0417 on Boxing Day, a worth that pushed its market cap to $2.62 billion.

BONK Falls

Conversely, the earlier king of the Solana meme cash, BONK, confirmed extra modest enhancements in its worth during the last seven days, going up 6.9% in that interval. Additional, throughout two weeks, it misplaced 17% of its worth, with CoinGecko information exhibiting one other 23% plunge over 30 days, placing its market cap at simply over $2.5 billion and permitting PENGU to surpass it.

The competitors doesn’t finish there. Different meme tokens like dogwifhat (WIF) and Fartcoin (FARTCOIN) are vying for investor consideration. On Christmas Eve, the previous reached an all-time excessive of $1.02, pushing its general value past the $1 billion mark.

Nevertheless, regardless of Fartcoin being among the many prime gainers throughout seven days with a worth improve of 13.1%, it has plummeted 15% since December 25. With a unit presently altering palms at about $$0.986, its $1.072 billion market cap remains to be some methods behind WIF’s $1.9 billion.