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.

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