![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-12\/078dac8e-1098-43b3-802c-bce8aeaf8698.png\")
<\/p>\nA Solana-based dog-themed memecoin called Bonk (BONK) has now become the third-largest memecoin by market capitalization, surging past that of fellow memecoin Pepe (PEPE) on Dec. 8.<\/p>\n
Bonk\u2019s recent price growth \u2014 370% in the last month \u2014 has seen its market cap grow to $762 million, compared to Pepe\u2019s current $675 million market cap, per CoinGecko data.<\/p>\n
In the past 30 days, BONK has grown from $0.0000028 to $0.000012 as traders rushed to capitalize on a new wave of interest in the Solana ecosystem.<\/p>\n
<\/p>\n
Bonk\u2019s rapid uptick in price also outpaced the growth of other more well-established dog memecoins such as Shiba (SHIB) and Dogecoin (DOGE), which posted respective gains of 20% and 35% in the same time frame. <\/p>\n
At the time of publication, Bonk has become the third-largest memecoin, coming in behind the second-largest Shiba Inu, and the largest, Dogecoin, which command market caps of $6 billion and $14.4 billion, respectively. <\/p>\n
Bonk\u2019s gains can be attributed to several factors, including being listed on centralized exchanges such as Binance and KuCoin. Additionally, futures data shows a sizeable increase in open interest over the past month, meaning that traders are buying and selling high volumes of Bonk derivatives, which only add to the volatility of the token\u2019s price. <\/p>\n