A new year is upon us, and so far, the crypto market hasn't crashed and burned yet.
Investors can already tell that 2024 is going to be a very eventful year for the crypto industry, judging by the 2024 roadmap from the upcoming halving and the possible spot Bitcoin ETF approval.
As a result, billions of dollars are pouring into the crypto market, and the memecoin market, in particular, seems to be basking in the glow.
As far as the memecoin market goes, BONK appears to be the first mover, judging by its current 29% rally over the last 24 hours, according to CoinMarketCap.
Aside from being one of the best-performing memecoins of 2023 by far, CoinMarkeCap data shows that it currently trades at around $0.00001324
Its trading volume has also gone up by more than 200% over the last day and currently sits at around $398 million.
In addition, BONK's market cap is currently $838 million, putting it more than $200 million ahead of PEPE and giving it an undisputed 3rd ranking among the largest memecoins in the market.
As it turns out, BONK's impressive price action over the last day is mostly driven by the inflow of liquidity into the memecoin market.
But then, what are BONK's chances of challenging memecoins like SHIB and DOGE?
BONK is more than just another memecoin.
It is one of the largest memecoins on the Solana network, which has also been expanding rapidly these days, and is one of the only true "Ethereum killer" contenders.
Thinking about it, BONK, taking advantage of Solana's growth, does stand a chance against Dogecoin and Ethereum.
Leveraging Solana's powers, BONK users can farm, stake, and game to earn more of its tokens, as well as participate in the governance protocol.
With all of this said Bonk still has a huge mountain to scale. Beating Shiba Inu or even Doge will likely not be a walk in the park, because Shiba Inu, the second-largest meme coin by market cap after Dogecoin has a market cap of about $6 billion.
Dogecoin, on the other hand, has twice that, at a whopping $13 billion.
Moreover, Shiba Inu has engaged in massive growth since the start, especially after launching its own decentralized exchange called ShibaSwap, and its own layer-2 scaling solution called Shibarium.
Overall, this memecoin has a very long way to go before catching up to SHIB and DOGE.
The memecoin will also have to cope with the regulatory uncertainties that affect the crypto industry as a whole.
However, if there is one fact about memecoins, it's that rising a hundredfold or even by a thousand times is not a far-fetched concept.
We may see BONK work some magic in 2024, as the upcoming Bitcoin halving hits and passes.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.