BONK reclaims top Solana meme coin spot, dethrones PENGU

Bonk has retaken its position as Solana’s leading meme coin, reaching a market capitalization of $2.5 billion.

The recent surge was after a community-driven token burn and price increase. Bonk’s (BONK) price of $0.00000328 marks a 3.9% rise over the past 24 hours and a 4.9% increase over the week.

Meanwhile, PENGU trades at $0.03568 with a market cap of $2.27 billion, moving to second place among Solana meme coins.

The “Burnmas” initiative has helped drive BONK’s price movement upward. Through this effort, the BONK DAO burned 1.69 trillion BONK tokens from its multisig wallet.

This has brought the total supply of the Solana (SOL)-based meme coin down from 100 trillion to 91 trillion tokens. This reduction in supply has sparked new buyer interest in the market.

Pudgy Penguins NFT collection shows mixed performance

The Pudgy Penguins ecosystem tells a tale of two markets. While the PENGU token faces pressure, the Pudgy Penguins NFT collection’s floor price data shows strong growth over multiple periods.

The collection has gained 31% in the past week, with even larger increases of 84.2% and 159.5% over 30-day and 60-day timeframes. Year-long performance stands at 110.5%.

Trading activity for Pudgy Penguins NFTs has slowed. CryptoSlam reports a 78.2% drop in sales volume over the past week, with transactions reaching $11.86 million.

Market activity has cooled, as reflected in the numbers: only 117 buyers and 107 sellers remained active, marking decreases of 69.92% and 74.09%.

PENGU’s price charts show price swings since its launch. After hitting $0.06845 on Dec. 17, the token fell by 47.8%. While it sits 213.3% above its all-time low of $0.01141 from the same day, the price continues to move in wide ranges.