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The $BONK meme cryptocurrency has surpassed both Dogecoin (DOGE) and Shiba Inu (SHIB) in 24-hour trading volume.
$BONK, a relative newcomer to the meme coin scene, has reported a staggering $1.37 billion in trading volume, overshadowing Dogecoin's $933 million and Shiba Inu's $225.8 million, per the latest data.
This shift marks a significant milestone for $BONK in the highly volatile meme coin sector of the cryptocurrency market.
Rise of $BONK
$BONK token, which has become the talk of the crypto town, saw its market capitalization briefly touch $3 billion following its listing on major exchanges such as Binance and Crypto.com.
Arkham Intelligence reports that everybody is trading $BONK today, with aggregated open interest on the token doubling from the previous day's lows after Binance announced its listing.
Despite this surge, funding remains consistently negative, indicating a substantial number of traders are betting against the token, with $6.15 million of $BONK liquidations occurring in just 12 hours.
Nonetheless, $BONK's price has soared by 85% in the past 24 hours.
$SOL challenging $XRP
Parallel to $BONK's rise, Solana ($SOL) has experienced a growth of over 5% in the same time frame.
This uptick positions Solana on the verge of surpassing $XRP by market capitalization. CoinGecko data suggests that Solana's valuation stands at an impressive $32.18 billion, inching closer to $XRP's $34.20 billion.
The success of BONE has also shone a spotlight on the Solana ecosystem's growing clout and potential within the broader cryptocurrency market.