BONK has reclaimed its position as Solana’s leading meme coin, boasting a market capitalization of $2.5 billion after a notable price surge. The token, now priced at $0.00000328, has risen by 3.9% in the past 24 hours and 4.9% over the week. This move dethrones PENGU, which holds a $2.27 billion market cap and trades at $0.03568.

The recent momentum for BONK comes in the wake of the “Burnmas” initiative, a community-driven event led by the BONK DAO. The initiative burned 1.69 trillion BONK tokens from the project’s multisig wallet, significantly reducing the circulating supply. This burn brought the total token count down from 100 trillion to 91 trillion, creating scarcity and attracting renewed market interest.

Conversely, PENGU has experienced a rocky road since its launch. Although the token is 213.3% above its all-time low of $0.01141, it has fallen by 47.8% from its peak of $0.06845 on December 17. Price volatility has added to its challenges, while market enthusiasm has shifted toward BONK.

The Pudgy Penguins NFT collection, another key element of the PENGU ecosystem, paints a mixed picture. Its floor price has soared by 31% in the past week, and gains over 30- and 60-day periods stand at 84.2% and 159.5%, respectively. Yearly growth is an impressive 110.5%. Despite this, trading activity has cooled considerably. Weekly sales volume has dropped by 78.2%, falling to $11.86 million. Additionally, active participants in the market have dwindled, with only 117 buyers and 107 sellers remaining—a drop of 69.92% and 74.09%.

As BONK capitalizes on its strategic supply reduction and community-driven momentum, its ascent to the top of Solana’s meme coin ecosystem underscores the dynamic nature of this market segment. Meanwhile, PENGU’s price swings and the contrasting performance of its NFT collection highlight the complexities of maintaining traction in the competitive Solana space.