Bonk (BONK) Outshines Dogwifhat (WIF), Regaining Dominance as Solana’s Leading Meme Coin

Solana’s so-called “social layer,” Bonk (BONK), has jumped back into the spotlight after a week of record-breaking performance.

On November 20, the popular token reached $0.000057, marking a new all-time high (ATH) after weeks of consistent growth. In the process, it overtook its rival dogwifhat (WIF) to regain its position as the leading meme coin in the Solana ecosystem.

A Comeback for Bonk

Dogwifhat, which flipped Bonk back in March, subsequently enjoying an extended period of dominance, has struggled to match the latter’s recent meteoric rise. In the last seven days, Bonk’s price went up by more than 72%, vastly outperforming its rival’s 13.7% gain.

The increase also means that the meme token outdid the global crypto market, which was only up 4.60% in that period, per data from CoinGecko.

At the time of writing, Bonk was up 11.5% over the last 24 hours, although it was still about 3% lower than the ATH set only hours earlier.

While dogwifhat made the headlines last week after getting listed on Coinbase, it has struggled to maintain the same growth trajectory as Bonk. Much of its activity still remains concentrated on decentralized exchanges (DEXs), limiting its exposure compared to Bonk’s more widespread appeal.

WIF’s current price of $3.35 is a far cry from its all-time high of $4.83 attained earlier in the year. Although its market cap is an impressive $3.33 billion, putting it at #45 on the list of largest cryptocurrencies, it now lags behind Bonk’s new $4.16 billion valuation.

Still, its nearly 14% jump across seven days means WIF still did better than the broader digital asset market as well as the meme sector, which registered an 8.20% uptick over the past week.

Bonk’s Ecosystem Fuels Resurgence

Some have attributed the reversal in fortune to Bonk’s dynamic ecosystem and strong community support. The meme coin was introduced in December 2022, after which it captured the imagination of Solana users with its promise to serve as the network’s social layer.

Projects like BONKbots and BONKSwap have emerged around the token, cementing its position as a cornerstone of Solana’s decentralized finance (DeFi) space.

Upcoming projects like the BURNmas initiative have also added to Bonk’s momentum. The community-driven project set to culminate on Christmas Day will remove as many as one trillion Bonk tokens from circulation to help improve its scarcity and potentially drive up its value even more.

Recently, meme coin trading was at the core of Solana’s DeFi sector, hitting a record $5 billion in daily trading volume for three consecutive days. Further, the surge in the price of BONK and WIF also helped push the blockchain’s monthly DEX volume past the $70 billion mark for the first time in its history.