Here’s Why Bitcoin Whales Bet on BONK to Surpass SHIB

• Bitcoin whales Arthur Hayes and Kyle Chassé weigh in on Bonk’s recent success.
• Bullish momentum for BONK continues, with SAGA phones selling out in the U.S.
• Memecoins become a driving force of adoption with volatility factors to consider.

Solana’s memecoin Bonk (BONK) continues to make waves in the crypto sphere, as the largest crypto exchanges recently listed the dog-themed coin. BONK was already on a 2,247% upswing in two months before Coinbase and Binance subsequently added the canine coin. 

Following the surge, several prominent crypto figures offered their take on Bonk’s prospects. For instance, crypto exchange’s BITMEX co-founder Arthur Hayes expressed support for BONK, courageously remarking, “Let’s do the damn thang. $BONK > $SHIB.”

Bonk Hits $2B Market Cap, But There’s a Twist

Striding along with Solana’s parabolic 471% yearly upswing, Bonk first became popular among SOL community members for the free $BONK airdrops. Later on, it was announced that $BONK airdrops are up for grabs for anyone purchasing Solana’s SAGA Web3 smartphones.

This worked like a charm for Solana’s SAGA phones, which sold out in the United States last weekend. Crypto enthusiasts were bidding ten times the original price on eBay, wanting to get their hands on the 30 million Shiba Inu-themed BONK airdrop. At the time of publication, the phone-inclusive airdrop is worth $611.

Bitcoin whale and disruptive technology pioneer Kyle Chassé seconded the opinion of Arthur Hayes that BONK could outpace Shiba Inu, concluding that “Memes are leading adoption in this cycle and bringing normies into the crypto realm.” Indeed, BONK first emerged in early 2023 as the Solana savior while the arguably fastest Layer-1 chain crumbled to single digits.

However, Bonk’s likelihood of outshining Shiba Inu (SHIB) so far is far-fetched due to the difference in market capitalization. For instance, Shiba Inu (SHIB) topped $40 billion in October 2021, while BONK’s all-time high is $2 billion, set on Friday, December 15, 2023. SHIB has a $5.9 billion market cap, a 900 million increase since last year, affirming SHIB’s status as a favorite among long-term crypto holders.

On the Flipside

• The #57 seated Bonk reached the $2 billion market cap milestone last Friday but was quickly retraced to $1,180,232,287 today.
• While the prospects of surpassing Shiba Inu are doubtful shortly, BONK has already outpaced smaller-cap popular memecoins like Pepe (PEPE), ApeCoin (APE), and Floki (FLOKI).

Why This Matters

Bonk’s success paints a good picture of how memecoins can contribute to adopting retail blockchain technology.

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