- Bonk (BONK) price holds above a key level after a 7% surge in a bullish market
- Pudgy Penguins (PENGU) briefly overtook Bonk as the top Solana-based memecoin by market cap
- Analysts say BONK could rally strongly amid a broader memecoin recovery
Bonk (BONK) and Pudgy Penguins (PENGU) are competing for the top position among Solana-based memecoins.
At the time of writing, BONK rose 7% over the past 24 hours to reclaim the lead with a market capitalization of $2.71 billion.
Pudgy Penguins, which experienced a double-digit surge amid news of spot ETF filings and Binance removing the “Seed” tag, briefly trailed in second place with a market cap of $2.69 billion.
PENGU’s rally, which allowed it to briefly surpass Bonk as Solana’s top memecoin, came alongside reversals in other ecosystem tokens such as dogwifhat and Popcat.
BONK and PENGU climb after Binance removes Seed tag
While memecoins have been rallying as part of a broader altcoin upswing, BONK and Pudgy Penguins gained extra momentum following an update from Binance.
On July 21, 2025, the leading crypto exchange announced it would remove the “Seed” tag from several tokens, including BONK, EIGEN, ETHFI, PENGU and PEPE.
“Tokens with a Seed Tag represent newer, innovative projects that may exhibit higher volatility and risk compared to other listed tokens,” Binance explained.
By removing these tokens from its high-risk tag list, Binance not only boosted trader confidence but also increased potential liquidity support. The move raised visibility for the affected tokens, helping to fuel the rallies seen in PENGU, BONK and similar projects.
The Pudgy Penguins community reacted enthusiastically to the ETF filing news. Crypto analyst Ali Martinez commented:
“Pudgy Penguin $PENGU: a top-tier memecoin crossing into mainstream awareness—an ETF filing makes it a rare case.”
For a short time the memecoin’s market capitalization surpassed BONK’s, and PENGU may be able to maintain that position unless BONK mounts a comeback.
🚨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 defend a critical support level
BONK’s price rose about 6% in the last 24 hours and roughly 9% over the past week. Still, bulls are focused on defending a key support level near $0.00003485 as Pudgy Penguins pressure the token’s position.
Currently, BONK is consolidating between a support area at $0.00003 and a supply zone around $0.00004.
Analysts are optimistic that if BONK holds above the current demand zone, it could target its previous highs from November 2024 — the token’s all-time high region above $0.000059. Community resilience and growing on-chain interest also support the bullish case: outstanding interest has risen 2.69%, exceeding $55 million.