There is no doubt that the Solana memecoin universe is more mature in 2025, but it is no less volatile. BONK, which hit an all-time high around $0.000055 in November 2024, now trades near $0.000010, a correction of more than 80% in a year, with a market cap of around $800 million and roughly 82 trillion tokens in circulation.
The Bonk price is still relevant as a gauge of risk appetite on Solana, but it already reflects an asset that has moved past the euphoria phase and now lives with sideways action, profit-taking, and mixed data on volume and large-wallet flows.
Meanwhile, a very different narrative has started to gain traction in recent weeks. $FROGE, launched in November, quickly changed the tone. Within just a few hours of trading, the FROGE/SOL pair jumped to about $0.0043 per token, with a fully diluted valuation of around $4.3 million, roughly $1.4 million in 24-hour volume, and a daily move of nearly 162,000%.
So on one side, you have a token in a corrective phase after an explosive cycle. On the other hand, a newly launched meme that debuted with triple-digit multiples has an entertainment ecosystem already being built around it.
$FROGE: 100x Rally And A Meme With A Platform
The starting point for $FROGE is not just the chart, but how the project positions itself inside Web3 culture. It is a self-aware meme that has glitched out of the Web3 Matrix to call out inflated volume, manufactured narratives, and the constant use of retail as exit liquidity. Instead of trying to look more serious than other memes, FROGE embraces chaos and sets out to turn that chaos into a product.
From a market perspective, though, the numbers are what catch the eye first. On the official FROGE/SOL pair, data shows the token trading around $0.0043, with FDV and market cap north of $4 million, liquidity near $221,000, more than 5,000 on-chain transactions, and around 800 unique buyers in the first 16 to 17 hours of the pair’s life.
The 24-hour move indicates that those who got in very early saw more than 100x multiples in a short window, but it also makes it clear this is still an early-stage asset, with the kind of behavior typical of memecoins at the start of a cycle. What sets FROGE apart from many other launches is that the token hits the market already tied to its own entertainment platform.
It is an ecosystem that blends artificial intelligence, augmented reality, and digital identities. At the center of this layer is the FROGE 69mg app, an iOS app in development that works as a stage for content, games, and interactive experiences, where each participant takes on a 3D frog identity linked to a limited collection of 6,969 AR collectibles that act as masks and passports inside the FROGE universe.
On top of that, the project is building a points system called FROINTS that rewards active participation. Joining events, creating content, engaging with the community, and completing challenges can earn points and benefits tied to the app, the token, and the NFTs. The idea is to turn attention and participation into building blocks of the ecosystem’s own economy, instead of relying only on short-term hype around the price.
Bonk: From Billion-Dollar ATH To The $0.000010 Range
Looking at BONK’s chart across 2024 and into 2025. The first is the euphoria of 2024. BONK went from being a niche Solana community token to hitting an all-time high around $0.000058-$0.000059 on November 19-20, 2024, according to Kraken data.
At that point, the market cap reached roughly $4 billion, cementing the token as the flagship memecoin of the Solana ecosystem. The second act is what we see now. According to CoinMarketCap, the token currently trades around $0.000010-$0.0000103, with a market cap of $840 million, a circulating supply of about 82.3 trillion BONK (more than 90% of total supply), and daily volume above $120-130 million.
That puts BONK roughly 83% below its all-time high, a pullback typical of assets that have gone through a major bull run and are now in a consolidation phase. Structurally, the price moved from an almost parabolic leg in 2024 into a zone that works as an important psychological band, with the token trading inside a relatively tight corridor in recent weeks, even as volume still sees occasional spikes.
The Rotation Playing Out Between BONK And FROGE
With the Bonk price stuck far below its ATH and the chart clearly in a consolidation phase, including drops of about 16% over recent seven-day windows, some of the early holders have started looking for new targets to try to replay larger multiples.
It is no coincidence that whales who locked in gains on BONK are rotating part of that capital into FROGE, the new Solana meme. The logic is straightforward. On one hand, BONK is already viewed as the reference memecoin of the network, with a market cap in the hundreds of millions, listings on major exchanges, and behavior that looks more and more like that of an established asset.
On the other hand, FROGE arrives with a much smaller initial market value and a narrative built around an AR/AI entertainment app, FROGE 69mg, digital identities, and a points system.
The combination of a prolonged corrective phase in BONK with a new Solana asset that has just printed a move of more than 100x from launch creates exactly the kind of contrast meme traders look for. A heavy but dominant chart versus a small, fresh project still in price discovery.
Conclusion
Taking in the full picture, BONK and FROGE end up telling two different chapters of the same Solana story. $BONK, now trading well below its peak, illustrates the typical path of a memecoin that went from zero to a billion-dollar market cap and now has to prove, cycle after cycle, that it still deserves a place in traders’ portfolios.
FROGE, launched recently, represents the other extreme. It is still small in market cap, has already delivered a move of more than 100x since it started trading, and stands out with a native AR/AI entertainment platform and a points-based economy tied to digital identities.
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