Will the Rise of Bonk Shrink Dogecoin's Dominace?

The price of the dog-themed meme asset Bonk (BONK), based on the Solana (SOL) blockchain, has risen over 40% within a span of 24 hours. This impressive surge in price has also propelled Bonk's daily trading volume past that of its competitor, Shiba Inu (SHIB). According to recent data from CoinMarketCap, the competitor of Dogecoin (DOGE) has experienced an astonishing 71.8% surge in its daily trading volume. This surge has resulted in a total trading volume of approximately $311 million for the cryptocurrency.

Recently, top-US-based crypto exchange platform Coinbase announced that it will be adding the red-hot meme coin to its altcoin listing roadmap, which alerts traders that Coinbase could soon start supporting a specific digital asset. To enhance transparency and mitigate the risk of investors front-running trading announcements, Coinbase implemented the listing roadmap in 2022. This roadmap serves as a mechanism for increased visibility and allows investors to better anticipate and respond to new listing announcements.

Potential Impact on Dogecoin

The meteoric rise of BONK, coupled with the escalating enthusiasm surrounding SHIB's ecosystem and its Shibarium layer-2 network, raises questions about the future trajectory of Dogecoin.

If Dogecoin continues to exhibit relatively lackluster fundamental and price performances in the upcoming period, it might face a formidable challenge from these emerging meme coins.