According to Decrypt, Solana-based canine crypto token BONK has reached a new milestone, becoming the third-largest dog-themed coin by market capitalization. BONK has surpassed Ethereum-based FLOKI, with a market cap of nearly $443 million, compared to FLOKI's $422 million. Over the last month, BONK has seen an impressive 876% increase, and in a recent period from late October to late November, the coin surged by 1,700%. In the last day, BONK rose another 24%, hitting a new all-time high of $0.00000731.
BONK's gains have placed it in proximity to the top dog coins, Dogecoin (DOGE) and Shiba Inu (SHIB), which have market caps of nearly $13 billion and just over $5.5 billion, respectively. BONK's recent success can be attributed to the rising fortunes of its parent network, Solana. Since early October, Solana's value has almost tripled to nearly $61. Supporters of Solana and BONK are hopeful that recent gains are just the beginning of a more significant comeback for the crypto ecosystem.