BONK Surpasses PENGU as Top Solana Meme Coin

BONK has reclaimed its position as the leading meme coin on the Solana blockchain, overtaking PENGU with a market capitalization of $2.5 billion. This surge follows a community-driven initiative to burn tokens, reducing the supply from 100 trillion to 91 trillion BONK tokens. This burn, part of the “Burnmas” event, has helped spark renewed interest in BONK, pushing its price up by 3.9% in the past 24 hours and 4.9% over the past week.

As of the latest market data, BONK is trading at $0.00000328, while PENGU now holds second place with a market cap of $2.27 billion, trading at $0.03568. Despite PENGU’s drop, the Pudgy Penguins NFT collection is seeing notable gains, with its floor price rising by 31% over the past week and even stronger growth in the 30-day and 60-day periods.

While the Pudgy Penguins NFT collection is performing well, the PENGU token faces volatility, experiencing significant price swings. Since reaching $0.06845 on December 17, the price of PENGU has fallen by 47.8%, though it remains well above its all-time low of $0.01141. Despite this, market activity for Pudgy Penguins NFTs has cooled, with trading volume and active participants dropping significantly.

The ongoing fluctuations in the market for both meme coins and NFTs demonstrate the volatility of the cryptocurrency and NFT sectors, making it difficult to predict whether BONK’s rise is sustainable or if PENGU will reclaim its position in the future.