Bonk (BONK) has formally develop into essentially the most invaluable Solana meme coin by market capitalization, surpassing Dogwifhat (WIF) earlier at present. 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 gasoline the shift, BONK’s value 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 optimistic return within the prime 100. Whereas it’s not the one one within the final 24 hours, it had the very best achieve — climbing by 28%.
This value 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. Usually, sending tokens to a burn tackle 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 value.
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 sturdy group visibility, reflecting heightened curiosity and engagement inside the market.
A low social dominance, on the flip facet, 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 value would possibly proceed to climb.
BONK Value Prediction: Uptrend Not Over
BONK’s value at the moment hovers round $0.000050, supported by sturdy shopping for strain. The each day chart reveals a big enhance within the Bull Bear Energy (BBP) indicator, which measures the energy of consumers versus sellers.
A declining BBP suggests bearish dominance and potential value drops. Nevertheless, on this case, the rising studying signifies that BONK bulls are gaining momentum, probably driving the value increased.
If this pattern continues, BONK’s value might climb to $0.000055. Conversely, if the meme coin turns into overbought, the uptrend would possibly stall, resulting in a potential pullback towards $0.000030.
Disclaimer
According to the Belief Undertaking pointers, this value evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover. All the time conduct your personal analysis and seek the advice of with an expert earlier than making any monetary choices. Please be aware that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
