Bonk has emerged once again as Solana’s premier meme coin, overtaking PENGU, with its market cap soaring to $2.5 billion. This resurgence follows a community-backed token burn and subsequent price hike. Bonk’s current price of $0.00000328 represents a 3.9% increase over the last day and a 4.9% rise over the past week. In the meantime, PENGU sees its value at $0.03568 and a market cap of $2.27 billion, placing it as the second-leading meme coin on Solana.
A significant driver of Bonk’s price surge is the “Burnmas” initiative, where the Bonk DAO burned 1.69 trillion tokens, reducing the overall supply from 100 trillion to 91 trillion. This strategic reduction has cultivated renewed buyer interest.
Concurrently, the Pudgy Penguins ecosystem presents a dichotomy in its markets. The PENGU token faces challenges, yet the NFTs of Pudgy Penguins report a robust rise in floor price, witnessing a growth of 31% over the past week and gains of 84.2% and 159.5% over 30-day and 60-day periods, respectively. Over the past year, its value has increased by 110.5%.
Trading activity for Pudgy Penguins NFTs, however, has recently declined. CryptoSlam data highlights a 78.2% drop in sales over the last week, totaling $11.86 million, with only 117 buyers and 107 sellers, marking significant decreases in market participants.
Meanwhile, PENGU’s price volatility continues, having dropped 47.8% from a high of $0.06845 on Dec. 17, though it remains 213.3% above its all-time low. As its valuation experiences these wide fluctuations, market dynamics remain under close watch.
