Bonk (BONK), Solana’s popular meme coin, has surged past Dogwifhat (WIF) to become the leading meme token on the Solana blockchain. This follows a major announcement from the Bonk Decentralized Autonomous Organization (DAO) to burn nearly 1 trillion tokens on December 25, 2024.
The strategic move has driven BONK’s market cap to $3.94 billion, surpassing WIF’s $3.60 billion. The price of BONK has climbed over 11% in the past 24 hours, while WIF lags with a mere 0.65% gain during the same period.
Record-High Trading Volume
BONK’s price surged to a recent all-time high of $0.0000566 before stabilising around $0.0000513. Over the past few days, the token has gained over 105%, dwarfing WIF’s 35% increase.
Source: Coinmarketcap
The trading volume of BONK spiked by 73%, signalling heightened interest from traders eager to capitalise on the announcement.
Impact of the Token Burn
Token burns are often seen as a bullish indicator in the crypto market, as they reduce circulating supply and can drive price increases. BONK’s planned burn has drawn significant attention, boosting its social dominance to 1.61%, according to on-chain analytics firm Santiment.
WIF and Other Meme Coins Struggle
While $BONK thrives, WIF and other meme coins appear to be under pressure. WIF’s modest gains indicate waning momentum, as its market cap slips behind BONK.
With heightened social interest and a sharp price rally, BONK is proving to be a formidable player in Solana’s meme coin landscape. Crypto enthusiasts now eagerly await the scheduled token burn to see how it impacts the market further.
