BONK Inu’s market capitalization has risen to $1.40 billion, surpassing Floki Inu.
Despite the general decline in the memecoin market, BONK has risen nearly 50% in two weeks.
As the broader cryptocurrency market continues to navigate turbulent waters with an overall decline, the memecoin sector is not immune to volatility, seeing a massive 13.3% decline in 24 hours.
This decline reduced the total market value of memecoins to about $45.2 billion. Amid this general market decline, a notable exception emerges – Bonk [BONK].
BONK has become the fifth largest meme coin
While the majority of meme cryptocurrencies have faced downward pressure, Punk has charted a different path.
Over the past two weeks, BONK stock is up nearly 50%, which contrasts sharply with the modest 3% gain of its peer, Floki Inu. [FLOKI]according to the latter Data From Queen Gecko.
This growth has pushed BONK’s market capitalization to $1.40 billion, enabling it to surpass Floki Inu and secure its position as the fifth largest memocoin on the market.
As a result, BONK is now the 58th largest cryptocurrency in the world, surpassing well-known names like Aave. [AAVE] And Algorand [ALGO].
After appearing on the cryptocurrency scene in December 2022, Bonk initially flew under the radar until it caught the market’s attention a year later with… Dramatic increase in prices.
This rise was driven by strong investor interest, the endorsement of influential figures within the cryptocurrency community, and its listing on several major cryptocurrency exchanges.
Notably, BONK also ranks as the second largest memocoin in Solana [SOL] Blockchain, trailing Dogwifat only [WIF].
The latter saw a significant increase in market capitalization to nearly $5 billion at the end of March as well, before falling to about $2.2 billion.
Bonk: Market forecast
Despite Bonk’s recent success in overtaking its competitors, technical analysis of both BONK and Floki Inu has revealed potential challenges ahead.
Realistic or not, here is the market value of BONK in BTC terms
The daily chart of BONK has indicated a bearish pattern, as memecoin price has recently withdrawn liquidity from the buy side, indicating a potential pullback as it targets the next swing low.
Source: Trading View
The Floki Inu 8-hour chart reflects this sentiment, indicating potential declines for both cryptocurrencies in the near future.