Bonk (BONK) has officially become the most valuable Solana Meme Coin by market capitalization, surpassing Dogwifhat (WIF) today. This milestone follows the recent announcement by BONK’s Decentralized Autonomous Organization (DAO), which announced plans to burn 1 trillion tokens on Christmas Day.
While this strategic move helped spur change, BONK’s price increase also contributed significantly to its rise. But the question remains: can this Meme Coin hold its newfound status?
Bonk Surpasses Dogwifhat, Becomes Most Valuable Meme Coin Solana
Five days ago, TinTucBitcoin reported that BONK was the only Meme Coin Solana with a positive return in the top 100. While not the only one in the past 24 hours, it achieved the largest gain — up 28%.
This price increase ensures Bonk’s market capitalization topples WIF. At the time of posting, Bonk’s market capitalization was $3.77 billion, while WIF’s was $3.76 billion.
According to our findings, BONK DAO’s announcement on November 15 of its plan to purchase 1 trillion tokens by December 25 fueled this increase. Often sending Tokens to a burn address removes them from circulation, effectively locking them and making them untradable.
This process reduces overall supply, which can increase the scarcity of tokens remaining in circulation, potentially pushing up their prices.
Amid this growth, Bonk’s social media dominance increased by 1.52%. Social dominance measures the amount of attention a cryptocurrency attracts compared to others. A high score signals strong community visibility, reflecting increased interest and participation in the market.
On the other hand, low social dominance indicates that there is little discussion about the cryptocurrency. Generally, low social dominance is a bearish sign. This increase in Meme Coin Solana’s social dominance suggests that the market capitalization and price of Meme Coin Solana may continue to increase.
BONK Price Prediction: The Uptrend Isn’t Over Yet
BONK’s price is currently hovering around $0.000050, supported by strong buying pressure. The daily chart points to a significant increase in the Bull Bear Power index (BBP), which measures the strength of buyers relative to sellers.
A falling BBP indicates seller dominance and price may decline. However, in this case, the rising index indicates that BONK buyers are gaining momentum, potentially pushing prices higher.
If this trend continues, BONK’s price could climb to $0.000055. Conversely, if Meme Coin Coin becomes overbought, the uptrend could stall, leading to a possible correction to $0.000030.