Bonk (BONK), the influential meme coin built on the Solana blockchain, is capturing attention in the cryptocurrency sphere with its remarkable price trajectory following a pivotal announcement. As of November 17, 2024, Bonk’s Decentralized Autonomous Organization (DAO) declared its plan to burn nearly 1 trillion tokens on December 25, 2024. This bold move has sparked significant interest and activity in the crypto markets.
BONK Surpasses WIF in Market Capitalization
This strategic announcement has propelled BONK to achieve an impressive gain of over 11% in the last 24 hours. It has leapfrogged past Solana’s prominent meme coin, Dogwifhat (WIF), becoming the leading meme coin on the Solana network. The surge in BONK’s price has elevated its market capitalization to an astounding $3.94 billion, overtaking WIF’s market cap of $3.60 billion. This shift marks a pivotal moment in the meme coin hierarchy on Solana.
Trading Volume and Market Reaction
At present, BONK is trading around $0.0000513, having recently hit a record high of $0.0000566. The trading volume has seen a significant uptick, increasing by 73%, which underscores the heightened trader interest following the token burn announcement. In the past few days alone, BONK has experienced a notable gain of over 105%, while WIF has recorded a comparatively modest gain of over 35% during the same timeframe. According to CoinMarketCap data, WIF appears to be facing challenges, registering only a 0.65% gain in the past 24 hours. This struggle is mirrored by other meme coins, which are also experiencing difficulties during this period.
Rising Social Interest in BONK
In the realm of cryptocurrencies, a token burn announcement is often perceived as a bullish signal, reducing the circulating supply and potentially fueling a price rally. The recent announcement by BONK’s DAO has not gone unnoticed, capturing substantial attention from the crypto community. According to insights from on-chain analytics firm Santiment, BONK’s social dominance has surged to 1.61%. This indicates robust interest and active engagement from crypto enthusiasts, further solidifying BONK’s position as a formidable player in the market.
As BONK continues to gain traction, its momentum in the cryptocurrency landscape is undeniable. The upcoming token burn and the subsequent market reactions will be closely watched by investors and traders alike, eager to see how this Solana-based meme coin will evolve in the coming weeks.
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