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

By Sander Lutz

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. 

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.

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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