BONK surges 50%, flips FLOKI in market cap, but key hurdles remain

• BONK Inu’s market cap rises to $1.40 billion, surpassing Floki Inu.
• Despite overall memecoin market downturn, BONK gains nearly 50% in two weeks. 

As the broader crypto market continues to navigate turbulent waters with an overall downturn, the memecoin sector is not immune to the volatility, experiencing a significant drop of 13.3% in 24 hours. 

This decline has reduced the total market cap of meme coins to approximately $45.2 billion. Amid this general market retreat, a notable exception emerges—Bonk [BONK].

BONK becomes the fifth-largest memecoin

While the majority of meme coins have faced downward pressure, Bonk has charted a different course.

Over the past two weeks, BONK has surged nearly 50%, contrasting sharply with the modest 3% gain of its peer, Floki Inu [FLOKI], according to recent data from CoinGecko. 

This growth has propelled BONK’s market valuation to $1.40 billion, enabling it to leapfrog over Floki Inu and secure its position as the fifth-largest memecoin in the market.

As a result, BONK now stands as the 58th largest cryptocurrency globally, surpassing well-known names such as Aave [AAVE] and Algorand [ALGO].

Emerging on the cryptocurrency scene in December 2022, Bonk initially flew under the radar until it caught the market’s attention a year later with a dramatic price increase.

This surge was fueled by robust investor interest, endorsements from influential figures within the crypto community, and its inclusion on several major cryptocurrency exchange platforms. 

Notably, BONK also ranks as the second-largest memecoin on the Solana [SOL] blockchain, trailing only Dogwifhat [WIF].

The latter experienced a significant market cap increase to nearly $5 billion at the end of March as well, before retracting to around $2.2 billion.

BONK: Market outlook

Despite the recent success of Bonk in overtaking its competition, technical analysis of both BONK and Floki Inu revealed potential challenges ahead.

Realistic or not, here’s BONK market cap in BTC’s terms

The daily chart for BONK indicated a bearish pattern, with the memecoin’s price recently triggering a liquidity pull on the buy side, suggesting a possible downturn as it targets the next swing low. 

Source: TradingView

Floki Inu’s 8-hour chart mirrored this sentiment, indicating potential declines for both meme coins in the near future.