Benzinga - While the leading cryptocurrencies have shown little movement in their trading patterns over the past week, memecoins have reported substantial gains. This development raises questions among experts about the potential of newer memecoins overtaking the older ones.
What Happened: After Shiba Inu (CRYPTO: SHIB) completed another round of Shibarium-powered burns of 8.6 billion tokens over the weekend, BitMEX co-founder Arthur Hayes took to X and predicted that Bonk (CRYPTO: BONK) will overtake Shiba Inu to become the second largest dog-themed meme coin.
Solana-based (CRYPTO: SOL) memecoin BONK was listed on Coinbase, Binance, Crypto.com, and other top crypto exchanges last week, taking the token price higher by 65%. However, prices fell from their all-time highs as investors engaged in profit-taking.
With a current market cap of $1.16 billion, BONK token has risen by 578% in the past month. Meanwhile, Shiba Inu standing at a market cap of $6.02 billion saw a gain of 18.9% during the same timeframe.
Read Next: Solana Saga Phones Sold Out Amidst BONK Memecoin Buying Spree
Bonk on its official X platform highlights a “summarized version of all of the Nice List requirements should be shared with the loyal BONK Community to make BONKmas a little bit easier.”
Why It Matters: In his latest analysis of on-chain altcoins, Crypto Banter took to his YouTube channel and highlighted Bonk and its recent mega performance that has crossed resistance levels.
He suggests that BONK exemplifies the meme phenomena in the crypto world. Additionally, he notes that a stagnant trading pattern in BTC tends to shift investor interest towards altcoins like BONK.
BONK’s comparison to Shiba Inu traces back to the latter’s bull run in 2021 when the token price peaked at an all-time high of $0.00008845 in October 2021. However, the ability to sustain a similar growth trajectory depends on broader market conditions and the token’s community.
To gain the popularity of Shiba Inu, BONK will also have to look at developing some real-world applications for its token.
BONK’s whitepaper highlighted that the token aims to become the community coin of Solana that will be used across many decentralized applications (DApps).
Read Next: This Crypto Trader Made Over $800K In Profits After Binance Announced Listing Solana's Meme Coin BONK
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