Shiba Inu and Dogecoin were the top meme currencies to rally when the markets turned bullish, but BONK has outpaced their performance. The Solana-based meme coin has surged nearly 20% on Thursday while SHIB spiked only 5%. The development indicates a shift in traders’ preferences where new meme coins are more lucrative than the older peers. Even Dogecoin, which was the industry standard for meme coins, has barely been attracting hype in the community.
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Though Dogecoin’s price surged by 26% in a month, traders are not confident enough in the meme currency. Elon Musk’s fallout with US President Donald Trump is also among the reasons for DOGE to dip in value. Traders closely associate Musk with Dogecoin, as the billionaire was the coin’s strongest proponent after he announced that he invested in it. BONK has now outperformed both the meme giants Shiba Inu and Dogecoin this year.
BONK Outperforms Shiba Inu & Dogecoin With Better Returns
BONK not only soared 20% on Thursday, but it also doubled in price in the last two weeks. The meme coin has spiked 122% in July alone and surged by 163% in the last 30 days. It is on a price doubling spree when other meme coins are folding like cards in the cryptocurrency markets. Shiba Inu and Dogecoin are now struggling to compete with BONK’s rise in the charts. The hype surrounding SHIB and DOGE has mostly fizzled out due to the poor performance this year.
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The 24-hour trading volume for BONK has also soared to $3.4 billion, indicating major buying and selling activity. Despite being the top meme coin, Shiba Inu’s 24-hour trading activity is at $493 million. SHIB lags behind both Dogecoin and BONK by a wider margin despite the markets being bullish. Whether the tables will turn again in the coming months, only time will tell. Predicting meme coins is tricky as they defy market logic and move at their whims and fancies.
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