Hold onto your hats, folks, because the Solana meme coin market just got a major boost, skyrocketing to a whopping $18.2 billion! That's a hefty 10.3% jump, and it's all thanks to the high-flying antics of PENGU.
In a surprising turn of events, the newly minted Pudgy Penguins cryptocurrency, Pengu (PENGU), has dethroned Bonk (BONK) to become the biggest meme coin in the Solana scene, boasting a jaw-dropping market cap of $2.65 billion. Talk about a comeback story!
The excitement kicked off on Christmas Eve when PENGU took off like Santa's sleigh, soaring over 30% in just 24 hours. And the fun didn't stop there! PENGU continued to dazzle, leaping by 11.2% in just a day and an impressive 22.3% over the past week. It's a spectacle worthy of a blockbuster movie!
However, it hasn't been all sunshine and rainbows for PENGU. After its launch, the floor prices of the Pudgy Penguins NFT collection took a nosedive, dropping more than 50%. Analysts believe the new coin made the NFTs more accessible, which threw a wrench in their exclusive allure.
Initially, PENGU shot to a record high of $0.0684 but soon found itself on a rollercoaster ride, dipping to $0.0114 before bouncing back. But it looks like it's found its groove, steadily climbing to $0.0417 by Boxing Day and pushing its market cap to $2.62 billion.
Meanwhile, BONK, the previous champ of Solana meme coins, is struggling to keep up. It managed a modest 6.9% rise over the past week but lost ground over the longer term, dropping 17% in two weeks and another 23% over 30 days. Its market cap now hovers just above $2.5 billion, giving PENGU the edge.
But wait, there's more! Other contenders like dogwifhat (WIF) and Fartcoin (FARTCOIN) are also in the race for investors' hearts. WIF reached an all-time high of $1.02 on Christmas Eve, crossing the $1 billion threshold. Fartcoin, despite being a top gainer with a 13.1% rise over the week, has slipped 15% since Christmas, holding a market cap of $1.072 billion, still trailing behind WIF's $1.9 billion. It's a meme coin showdown you don't want to miss!
