Solana-based meme coins Bonk (BONK) and Floki (FLOKI) have eclipsed most popular meme coins with an increase of over 15% in the last 24 hours.
At the time of writing, BONK was up 17%, trading at $0.000022. The market capitalization of the crypto asset currently stands at $1.53 billion, making it the 56th largest cryptocurrency according to data from CoinMarketCap.
<img decoding="async" width="1024" height="683" src="https://crypto.news/app/uploads/2024/06/BONK_1D_graph_coinmarketcap-1-1024×683.png” alt=”Solana-based BONK and FLOKI meme coins surge amid market crash – 1″/>
The token's daily trading volume doubled over the past day, reaching almost $300 million. However, BONK is still 46% below its all-time high of $0.000041, which it reached on May 29.
Bonk is a meme coin that rose to prominence in 2023, emerging as a new meme coin boom saw Solana rise higher.
It was originally just another dog-themed meme coin, but it has gradually expanded its usefulness to include the integration of decentralized finance (DeFi). The project also works with cross-chain communication protocols, nft marketplaces, and other cryptomarket ecosystems.
BONK trading pairs are now listed on popular exchanges including Binance, Coinbase, OKX, and Bitstamp.
Meanwhile, Floki, another dog-themed meme coin on the Solana blockchain, has also seen its price increase by 15% in the last 24 hours. The crypto asset, now trading at $0.000172, has a market capitalization of close to $1.64 billion with a daily trading volume of $301 million.
<img loading="lazy" decoding="async" width="1024" height="683" src="https://crypto.news/app/uploads/2024/06/FLOKI_1D_graph_coinmarketcap-1024×683.png” alt=”Solana-Based BONK and FLOKI Meme Coins Surge Amid Market Crash – 2″/>
Floki's rise came after a whale, dubbed “0x403.” x.com/OnchainDataNerd/status/1803753173821391300″ target=”_blank” rel=””>Staked 14 billion FLOKI tokens valued at around $2.36 million.
The whale's decision to bet such a large sum is interpreted as a strong vote of confidence in Floki Inu's long-term potential. Staking essentially removes these tokens from circulation, creating scarcity. With fewer FLOKI tokens available, supply and demand could drive the price up.
Among the other major dog-themed meme coin players, dogwhifhat (WIF) and Dogecoin (DOGE) posted gains of 15% and 2%, respectively, in the last 24 hours. Meanwhile, Shiba Inu (SHIB) saw a drop of 0.22% in the same time period.
Meanwhile, the global cryptocurrency market is still recovering from a 1.4% drop, bringing its market capitalization to $2.24 trillion.
The world's leading cryptocurrency by market capitalization, bitcoin, is seen in the red with a drop of 3.36% in the last 24 hours, currently trading at $60,670.
