- After a 7% rally, Bonk (BONK) is trading above a key level.
- Pudgy Penguins (PENGU) briefly overtook Bonk to become the largest Solana-based memecoin by market capitalization.
- Analysts say that with the broader memecoin recovery, BONK could be poised for a breakout.
Bonk (BONK) and Pudgy Penguins (PENGU) are competing for the top spot among Solana-based memecoins.
At the time of writing, BONK rose roughly 7% in the past 24 hours and reclaimed the lead with a market cap above $2.71 billion.
Pudgy Penguins rallied on news related to spot ETF filings and the removal of Binance’s “seed” tag, posting double-digit gains and holding a market cap of about $2.69 billion.
PENGU’s rebound briefly surpassed BONK as Solana’s leading memecoin, while other tokens in the ecosystem, such as dogwifhat and Popcat, also reversed higher.
BONK, PENGU Price Surge Supported by Binance Removing Seed Tag
While memecoins have broadly benefited from a wider altcoin rally, BONK and Pudgy Penguins received an extra boost from a Binance announcement.
On July 21, 2025, the exchange said it would remove the “seed” tag from tokens including BONK, EIGEN, ETHFI, PENGU, and PEPE.
“Tokens with the seed tag represent new innovative projects and may show higher volatility and risk compared to other listed tokens,” Binance explained.
By removing these tokens from the high-risk list, Binance helped improve trader confidence and liquidity. The decision also raised awareness for the affected tokens, which likely contributed to the explosive moves in PENGU, BONK, and other projects.
The Pudgy Penguins community responded enthusiastically to ETF filing news. Crypto analyst Ali Martinez commented that:
“Pudgy Penguin $PENGU: a top memecoin with mainstream crossovers. An ETF filing makes it a rare company.”
PENGU briefly surpassed BONK in market cap, but unless BONK mounts a counterattack, PENGU could remain in that position.
🚨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 Aim to Defend Key Support
BONK’s price climbed about 6% in the last 24 hours and 9% over the past week. Bulls are now trying to defend a critical support area around $0.00003485 to fend off pressure from Pudgy Penguins’ advance.
Currently, BONK is consolidating between a $0.00003 support level and a supply zone near $0.00004.
Analysts are optimistic that holding above the current demand zone could allow BONK to target highs from November 2024, a region where Bonk previously traded above $0.000059. BONK’s resilience and active community are notable; open interest in futures contracts has increased by 2.69% to over $55 million, reflecting growing trader engagement.