The Solana ecosystem has crowned a new meme coin king. Pengu (PENGU), the cryptocurrency launched by the Pudgy Penguins NFT community, has overtaken Bonk (BONK) as the largest meme coin on Solana, boasting a market cap of $2.65 billion.
A Christmas Rally Sparks PENGU’s Surge
PENGU’s rise began on Christmas Eve, when the token surged over 30% in just 24 hours. According to CoinGecko data, the Solana meme coin market as a whole has seen explosive growth, with its valuation jumping 10.3% to $18.2 billion in a single day. PENGU played a leading role, climbing 11.2% in the past 24 hours and 22.3% over the last seven days.
Airdropped to members of the Pudgy Penguins NFT community on December 17, PENGU’s launch hasn’t been without drama. Shortly after its debut, the floor price of Pudgy Penguins NFTs dropped over 50%, erasing gains made since November. Analysts attribute this to the token’s accessibility, which diluted the exclusivity that had been a core value driver for the NFT collection.
The coin’s early days were marked by sharp price fluctuations. PENGU debuted at a record high of $0.0684, only to plunge to $0.0114 shortly thereafter. Over the following week, it oscillated between $0.038 and $0.0231. However, a sustained rally began on December 23, with PENGU climbing to $0.0417 on Boxing Day, solidifying its position as the top meme coin.
BONK Falls Behind
BONK, the previous leader in Solana’s meme coin market, struggled to maintain its momentum. While it saw a modest 6.9% price increase over the past week, it lost 17% of its value over two weeks and 23% over the past month. Its market cap now sits at just over $2.5 billion, paving the way for PENGU’s dominance.
PENGU’s ascent comes amid a broader meme coin frenzy in the Solana ecosystem. Dogwifhat (WIF) reached an all-time high of $1.02 on Christmas Eve, pushing its market cap past $1 billion and nearing $1.9 billion.
Meanwhile, Fartcoin (FARTCOIN) has also seen significant action. Despite a 13.1% rise over the past week, it has dropped 15% since December 25. With its current price at $0.986, FARTCOIN’s market cap of $1.072 billion remains behind WIF’s.
