Bonk Surges Past Dogwifhat as Solana’s Top Meme Coin, Fueling Market Buzz as SOL Approaches All-Time High

On Tuesday, Bonk (BONK) reclaimed its title as Solana’s largest meme coin by market cap, surpassing Dogwifhat (WIF). Bonk’s price rose by 7%, reaching $0.00005269, pushing its market value to $3.9 billion. Meanwhile, WIF dropped 5%, bringing its market cap below $3.3 billion. Earlier in the day, Bonk reached a new all-time high of $0.000057, continuing its upward trajectory after setting multiple records since last week.

Solana’s native token (SOL) also saw significant gains, nearing its all-time high of $259 from 2021. SOL has increased 50% since Election Day, now trading at $233.45. This surge is attributed to market expectations of a crypto-friendly environment under President-elect Donald Trump. Despite the recent price jump, SOL remains 7.6% below its 2021 peak.

Bonk’s rise comes as part of a broader trend within Solana’s ecosystem. Since its launch in December 2022, Bonk has gained traction through community-driven projects like BONKbot and BONKSwap. Recently, the community introduced a token-burning initiative called “BURNmas,” which aims to burn up to 1.3% of Bonk’s circulating supply, depending on user participation. The event is set to culminate on Christmas Day, aiming to increase scarcity and potentially drive up Bonk’s value.

In contrast, Dogwifhat, which briefly overtook Bonk earlier this year, has struggled to maintain momentum. Following its listing on Coinbase last week, WIF saw a rally that peaked at $4.29, but it’s still far from its all-time high of $4.58 seen in March—a price driven by a community-led fundraiser to promote Dogwifhat on the Las Vegas Sphere.

The meme coin sector remains volatile, with other assets like Dogecoin (DOGE) also experiencing fluctuations. DOGE surged to $0.42 after Bitcoin hit a new all-time high, but its price has since dipped to $0.39.