Solana

Bitcoin

Bonk

Coin

<div class="insidebitcoins">
 <p>Solana has surpassed XRP to become the fifth-largest cryptocurrency after a 60% surge in a month fuelled by a Bonk-inspired meme coin mania.</p>
 <p>One of the key drivers of that surge is Bonk (BONK), a Solana-based, dog-themed meme coin that exploded by more than 1,000% in recent weeks and now has a market cap of $1.2 billion. It’s currently up 378% in the past month</p>
 <p>Solana’s market cap has soared to $38.4 billion this year after a 650% surge in 12 months, and the token traded at $90.21 at 12:27 p.m. EST, up almost 11% in 24 hours. XRP’s market cap now languishes at $33.3 billion after its price jumped 80% in the past year.</p>
 <h2 id="bonk-frenzy">Bonk Frenzy</h2>
 <p>The frenzy around Bonk means traders frequently buy Solana as an underlying asset before converting into Bonk or other meme coins on the network. When they sell the meme coin, they trigger more buying pressure for SOL.</p>
 <p>Solana’s recent gains come despite the FTX bankruptcy estate intensifying selling pressure as it unloads the token from its holdings. FTX held about 59 million SOL tokens at the end of August and has been gradually offloading them to help repay creditors.</p>
 <p><img decoding="async" class="wp-image-467334 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201281%20579'%3E%3C/svg%3E" alt="SOL" width="1281" height="579" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp 1281w, https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp 768w" data-lazy-sizes="(max-width: 1281px) 100vw, 1281px" data-lazy-src="https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp">
  <noscript><img decoding="async" class="wp-image-467334 size-full" src="https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp" alt="SOL" width="1281" height="579" srcset="https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp 1281w, https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp 300w, https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp 1024w, https://cdn.thebittimes.com/images/2023/12/22/74e49fcb90cfdb140ff9c9beda90b8de.webp 768w" sizes="(max-width: 1281px) 100vw, 1281px">
  </noscript></p>
 <p>TradingView: SOL/USDT 4-hour chart</p>
 <h2 id="solana-rally-comes-amid-renewed-enthusiasm-for-sol-network">Solana Rally Comes Amid Renewed Enthusiasm For SOL Network</h2>
 <p>Aside from the mania surrounding Bonk and meme coins, Kaiko Research says SOL’s rally also correlates with renewed enthusiasm around Solana, which its adds “has remained resilient despite immense headwinds triggered by FTX’s collapse.”</p>
 <p>The total value locked (TVL) on the SOL blockchain has surpassed $1.22 billion, according to DeFiLlama, its highest level since November 2022.</p>
 <p>Solana-based decentralized exchanges are posting higher trading volumes. Orca has seen a 46% increase in trading volumes in the last seven days while Raydium has seen a 37% seven-day increase in trading volumes.</p>
 <p>“While BONK’s gains may not last forever,” concludes Kaiko “the token’s ascent highlights SOL’s almost miraculous recovery.”</p>
 <h3 id="also-read">Also Read</h3>
 <ul>
  <li>Solana Price Prediction: As Meme Mania Powers SOL Past XRP As The 5th Biggest Crypto, Experts Say These Might Be The Best Meme Coins To Buy In 2024</li>
  <li>Top Crypto Gainers Today Dec 20 – Stacks, Bitcoin Minetrix, Solana, VeChain</li>
  <li>Solana Price Prediction: As SOL Dominates Crypto Product Inflows, Analyst Says It’ll Soar To $363 And This Bitcoin Cloud Mining Phenomenon Closes On $5.5 Million</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-flips-xrp-to-become-the-fifth-largest-crypto-amid-bonk-fired-meme-coin-mania-tbt74442.html">https://thebittimes.com/solana-flips-xrp-to-become-the-fifth-largest-crypto-amid-bonk-fired-meme-coin-mania-tbt74442.html</a></p>
</div>

Solana Flips XRP To Become The Fifth-Largest Crypto Amid BONK-Fired Meme Coin Mania

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TheBitTimes

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