Bonk (BONK) has formally change into probably the most worthwhile Solana meme coin by market capitalization, surpassing Dogwifhat (WIF) earlier immediately. This milestone follows the current announcement by BONK’s Decentralized Autonomous Group (DAO), revealing plans to burn 1 trillion tokens on Christmas Day.
Whereas this strategic transfer helped gas the shift, BONK’s worth surge additionally contributed considerably to its rise. However the query stays: can this meme coin maintain onto its newly discovered place?
Bonk Overtakes dogwifhat, Turns into Most Worthwhile Solana Meme Coin
5 days in the past, BeInCrypto reported that BONK was the one Solana meme coin with a constructive return within the high 100. Whereas it’s not the one one within the final 24 hours, it had the best acquire — climbing by 28%.
This worth enhance ensured that Bonk’s market cap flipped to WIF’s. At press time, Bonk’s market cap is $3.77 billion, whereas WIF’s is $3.76 billion.
Based on our findings, BONK DAO’s announcement on November 15 that it plans to purchase 1 trillion tokens by December 25 contributed to the hike. Sometimes, sending tokens to a burn handle removes them from circulation, successfully locking them away and making them untradeable.
This course of reduces the general provide, which might enhance the shortage of the remaining tokens in circulation, probably driving up their worth.
Amid this growth, Bonk’s social dominance climbed to 1.52%. Social dominance measures how a lot consideration a cryptocurrency garners in comparison with others. A excessive rating alerts robust neighborhood visibility, reflecting heightened curiosity and engagement throughout the market.
A low social dominance, on the flip aspect, signifies that there are fewer discussions about cryptocurrency. Typically, low social dominance is bearish. Due to this fact, the hike within the meme coin’s social dominance means that the Solana meme coin’s market cap and worth may proceed to climb.
BONK Worth Prediction: Uptrend Not Over
BONK’s worth at present hovers round $0.000050, supported by robust shopping for strain. The each day chart reveals a major enhance within the Bull Bear Energy (BBP) indicator, which measures the energy of consumers versus sellers.
A declining BBP suggests bearish dominance and potential worth drops. Nevertheless, on this case, the rising studying signifies that BONK bulls are gaining momentum, probably driving the value larger.
If this development continues, BONK’s worth may climb to $0.000055. Conversely, if the meme coin turns into overbought, the uptrend may stall, resulting in a possible pullback towards $0.000030.
Disclaimer
Consistent with the Belief Mission pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. All the time conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary choices. Please word that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.