BONK emerges as the third largest dog token after DOGE and SHIB | CoinDesk JAPAN

The season for dog-themed tokens is here again, with prominent tokens delivering multi-fold returns to their holders.

First launched last December, the Shiba Inu-themed BONK has grown to 1,000 in the past month amid an increase in capital inflows to the Solana blockchain and high-risk bets on the token based on the network’s popularity. recorded a return of more than %.

A surge of more than 70% since December 3 has made BONK the third-largest dog-themed token, behind Dogecoin (DOGE) and Shiba Inu Coin (SHIB). The market capitalization is 500 million dollars (approximately 73 billion yen, equivalent to 1 dollar = 146 yen), Floki’s market capitalization is 400 million dollars (approximately 58.4 billion yen), and BabyDogeCoin (BABYDOGE) is 350 million dollars (approximately 51.1 billion yen). yen).

Although BONK first appeared as a meme coin, it was quickly adopted by the Solana ecosystem. Several Solana projects have integrated the token into NFT (non-fungible token) payments, and some have introduced “burn” mechanisms to NFT-based events in the weeks following launch.

CoinDesk previously heard from one of its developers that BONK was a team of 22 individuals with no leader, all of whom were involved in launching the project. Additionally, all have previous experience building decentralized applications (dApps), NFTs, and other related products on Solana.

Strong interest in the Solana ecosystem since October appears to be increasing the token’s appeal. Trading volume exceeded $80 million on Tuesday, a 10-fold increase from the daily average of $8 million in early November.

Data shows that traders have also started betting on the tokens with high leverage as prices rise. Open interest, or the amount of open futures positions, rose from less than $10 million in early November to $100 million on Tuesday.

BONK’s open interest has increased 10 times. (Coinglass)

Other dog-themed tokens also rose, according to CoinGecko data. DOGE soared 16% and SHIB 10%. Meanwhile, FLOKI fell after surging 25% on Dec. 5 as traders booked profits.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Bonk Inu
｜Original text: Solana Hype Bumps BONK to Third-Largest Dog Token, Behind DOGE, SHIB