The daily trading volume of the Solana-based Telegram trading bot for memecoins reaches $250 million, outpacing Coinbase’s entire base chain.
The meme coin craze now appears to be showing signs of reaching a peak, with trading bots competing with entire sidechains in trading activity. BonkBot, which facilitates trading of Solana’s meme coin BONK, had daily trading volume of $251 million, generating nearly $1.4 million in fees, according to data from analytics service Dune.
For comparison, data from DefiLlama shows that the Coinbase-based Base sidechain has a daily trading volume of about $212 million, while Polygon has $156.8 million. If its growth trajectory continues, BonkBot’s next target will be Thorchain, which boasted a trading volume of $307 million as of March 19.
Despite the exponential increase in trading volume, the BONK token itself has faced challenges, experiencing a 21% drop to $0.0000204, according to CoinMarketCap. Originally conceived by Solana enthusiasts following the FTX collapse in November 2022, BONK aims to increase optimism within the Solana ecosystem. This quickly gained traction within the Solana community, serving as an incentive for a variety of applications built on the blockchain.