BONK Trading Volume Passes Both Dogecoin and Shiba Inu

On Dec 15, 2023

In a rather impressive development for the new Solana-based meme coin, BONK has seen its trading volume surpass both Dogecoin (DOGE) and Shiba Inu (SHIB). Indeed, the newest meme coin on the market has officially given the two mainstays a run for their money amid its meteoric rise.

The newcomer had noted a massive $1.37 billion in trading volume that outperformed DOGE’s $933 million and SHIB’s $225.8 million, according to data. Additionally, it presents BONK as a serious player in the meme coin market, despite its increased volatility. However, questions about its sustainability remain.

Source: The Coin Republic

Also Read: BONK Surges 100% Post Binance Listing News: Will It Dethrone Shiba Inu?

BONK Beats DOGE and SHIB in 24-Hour Trading Volume

The digital asset industry remains a highly volatile investment option for the modern individual. However, that is even more the case with the subsect meme coin market. Although certain tokens have solidified themselves, they remain closely associated with rapid price movements up or down.

Yet, could another meme coin be joining the list of foundationary tokens? Well, its recent meteoric rise has placed it in a position as BONK has seen its trading volume surpass both Dogecoin (DOGE) And Shiba Inu (SHIB). The Solana-based meme coin has certainly added the achievement to a growing list of milestones.

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Everybody is trading BONK today.
The market cap briefly touched $3B as it was listed on Binance.
Aggregated open interest on BONK is up ~$145M (~2x) from the lows of yesterday since Binance announced its BONK listing.
However funding is consistently negative, meaning many… pic.twitter.com/bmIsww1SbI
— Arkham (@ArkhamIntel) December 15, 2023

Also Read: Bonk Coin Surges 52% in Price, Next Big Crypto Coming?

The market cap for BONK had reached highs of $3 billion for a short time. Moreover, the development occurred following its landmark listing on two major crypto exchanges; Binance and Crypto.com. Subsequently, the listing led to a massive 100% rally for the asset as it targeted fellow meme coins.

Arkham Intelligence reported that the coin was being traded by a bevy of investors, leading to a massive increase in overall volume. Conversely, the report noted that the “funding is consistently negative, meaning many traders are still shorting.” However, it will be immensely interesting to see how this momentum affects the asset’s performance to close out 2023, and at the start of the new year.