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It seems every time a dog-themed memecoin like Dogecoin (DOGE) or Shiba Inu (SHIB) goes mainstream, another one lurks in the shadows, waiting to pounce on its very own hype train. The value of the newest such memecoin Bonk (BONK), a Shiba Inu-themed Solana token, has increased by over 400% on the month, according to CoinMarketCap data. The hype for the token and Solana Saga phone skyrocketed last week, after owners of that phone found out they could claim 30 million BONK tokens, worth roughly $560 at the time of publication.

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