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Solana has surpassed XRP to become the fifth-largest cryptocurrency after a 60% surge in a month fuelled by a Bonk-inspired meme coin mania.
Bonk (BONK), a Solana-based, dog-themed meme coin, has exploded by more than 1,000% at some points in recent weeks and now has a market cap of $1.2 billion. It’s currently up 378% in the past month.
That’s helped Solana’s market cap soar to $38.4 billion this year after a 650% surge in 12 months. XRP’s market cap now languishes at $33.3 billion after its price jumped 80% in the past year.
The SOL token traded at $90.21 at 12:27 p.m. EST, up almost 11% in 24 hours.
Bonk Frenzy
The frenzy around Bonk means traders frequently buy Solana as an underlying asset before converting into Bonk or other meme coins on the network. When they sell the meme coin, they trigger more buying pressure for SOL.
Solana’s recent gains come despite the FTX bankruptcy estate intensifying selling pressure as it unloads the token from its holdings. FTX held about 59 million SOL tokens at the end of August and has been gradually offloading them to help repay creditors.
TradingView: SOL/USDT 4-hour chart
Solana Rally Comes Amid Renewed Enthusiasm For SOL Network
Aside from the mania surrounding Bonk and meme coins, Kaiko Research says SOL’s rally also correlates with renewed enthusiasm around Solana, which its adds “has remained resilient despite immense headwinds triggered by FTX’s collapse.”
The total value locked (TVL) on the SOL blockchain has surpassed $1.22 billion, according to DeFiLlama, its highest level since November 2022.
Solana-based decentralized exchanges are posting higher trading volumes. Orca has seen a 46% increase in trading volumes in the last seven days while Raydium has seen a 37% seven-day increase in trading volumes.
“While BONK’s gains may not last forever,” concludes Kaiko “the token’s ascent highlights SOL’s almost miraculous recovery.”
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