- Bonk (BONK) price hovers above a key level after bulls gained 7%.
- Pudgy Penguins (PENGU) had briefly overtaken Bonk as the top Solana-based meme token by market cap.
- Analysts say BONK could explode higher amid overall memecoin resurgence.
Bonk (BONK) and Pudgy Penguins (PENGU) are in a battle for top spot among Solana-based meme tokens.
At the time of writing, Bonk was surging 7% in the past 24 hours to just reclaim the throne with a market cap of over $2.71 billion.
Pudgy Penguins, which had exploded double digits amid spot exchange-traded funds news and Binance seed tag removal, tailed a close second with $2.69 billion in market cap.
The rally for PENGU, which briefly saw it overtake Bonk as top Solana meme, came as other ecosystem tokens like dogwifhat and Popcat recorded upside flips.
BONK, PENGU price surge helped by Binance lifting tag seed
While memecoins have recently exploded amid a broader altcoin rally, BONK and Pudgy Penguins have benefited from an announcement by Binance.
On July 21, 2025, the leading crypto exchange posted an update that indicated Binance will remove the Tag Seed for BONK, EIGEN, ETHFI, PENGU and PEPE.
“Tokens with the Seed Tag represent new, innovative projects that may exhibit higher volatility and risks compared to other listed tokens,’ Binance explained.
By removing the tokens from the list of those tagged as high risk, Binance helped to bolster not just trader confidence, but also enhanced liquidity support. The move also catalyzes increased visibility for the tokens, likely why PENGU, BONK and the other projects exploded.
Pudgy Penguins’ community reacted to ETF filing news in style and crypto analyst Ali Martinez had this to say:
“Pudgy Penguin $PENGU: Top-tier memecoin with mainstream crossover. ETF filing puts it in rare company.”
The meme coin briefly surpassed BONK in market capitalization, and could yet establish itself there unless BONK fights back.
🚨NEW: $PENGU has surpassed $BONK to become the #1 memecoin on @Solana by market cap. pic.twitter.com/ENoWb7E4lE
— SolanaFloor (@SolanaFloor) July 23, 2025
BONK price: bulls look to defend key level
BONK’s price is up just 6% in the past 24 hours and 9% in the past week. However, with bulls looking to defend a critical support level around $0.00003485, the fight to fend off Pudgy Penguins’ push is on.
Currently, BONK is consolidating between support at $0.00003 and the supply zone at $0.00004.
Analysts are optimistic that BONK holding above the current demand zone could allow them to target November 2024 highs. This is the area of Bonk’s all-time high above $0.000059. BONK’s resilience and community support, with open interest up 2.69% to over $55 million.
