The newly launched Pudgy Penguins cryptocurrency Pengu (PENGU) has flipped Bonk (BONK) to claim the crown as the largest meme coin in the Solana ecosystem, with a market cap of $2.65 billion.<\/p>\n
The shift is the culmination of a rally that kicked off on Christmas Eve when the token gained over 30% in 24 hours.<\/p>\n
Data from the crypto price tracking website CoinGecko shows<\/a> that the broader Solana meme coin market has experienced explosive growth, with its total valuation rising to $18.2 billion, a 10.3% increase over the last day.<\/p>\n Anchoring this performance was PENGU, which posted an 11.2% jump in the past 24 hours and a remarkable 22.3% rise in the last seven days.<\/p>\n The meme coin, airdropped<\/a> to members of the globally successful Pudgy Penguins NFT community on December 17, has not been without controversy. Soon after the token\u2019s launch, the floor prices of the NFT collection plunged<\/a> by more than 50%, wiping out any gains made since early November.<\/p>\n According to analysts, this was largely because the value of the collection was partly pegged<\/a> on exclusive access to the brand, with the introduction of PENGU making investment in the NFTs more accessible, therefore diluting their worth.<\/p>\n On its rollout, the coin shot to a record high of $0.0684 before dropping to a record low of $0.0114. It then see-sawed for the next few days, moving between $0.038 on December 18 to $0.0231 on December 20. However, since December 23, it has been making steady gains, going as high as $0.0417 on Boxing Day, a price that pushed its market cap to $2.62 billion.<\/p>\n Conversely, the previous king of the Solana meme coins, BONK, showed more modest improvements in its price over the last seven days, going up 6.9% in that period. Further, across two weeks, it lost 17% of its value, with CoinGecko data showing another 23% plunge over 30 days, putting its market cap at just over $2.5 billion and allowing PENGU to surpass it.<\/p>\n The competition doesn\u2019t end there. Other meme tokens like dogwifhat (WIF) and Fartcoin (FARTCOIN) are vying for investor attention. On Christmas Eve, the former reached an all-time high<\/a> of $1.02, pushing its overall worth beyond the $1 billion mark.<\/p>\n However, despite Fartcoin being among the top gainers across seven days with a price increase of 13.1%, it has plummeted 15% since December 25. With a unit currently changing hands at about $$0.986, its $1.072 billion market cap is still some ways behind WIF\u2019s $1.9 billion.<\/p>\n The post PENGU Overtakes BONK, Becomes Top Meme Coin on Solana at $2.6B Valuation<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The newly launched Pudgy Penguins cryptocurrency Pengu (PENGU) has flipped Bonk (BONK) to claim the crown as the largest meme coin in the Solana ecosystem, with a market cap of $2.65 billion. The shift is the culmination of a rally that kicked off on Christmas Eve when the token gained over 30% in 24 hours. […]<\/p>\n","protected":false},"author":0,"featured_media":31253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31252"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31252"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/31253"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BONK Falls<\/h2>\n