Bonk (BONK) has formally grow to be essentially the most useful Solana meme coin by market capitalization, surpassing Dogwifhat (WIF) earlier in the present day. This milestone follows the latest 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 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 Beneficial 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 achieve — climbing by 28%.
This worth improve 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.
In keeping with 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 improve the shortage of the remaining tokens in circulation, doubtlessly 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 indicators sturdy group 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. Usually, low social dominance is bearish. Subsequently, the hike within the meme coin’s social dominance means that the Solana meme coin’s market cap and worth would possibly proceed to climb.
BONK Worth Prediction: Uptrend Not Over
BONK’s worth presently hovers round $0.000050, supported by sturdy shopping for stress. The day by day chart reveals a big improve within the Bull Bear Energy (BBP) indicator, which measures the power of patrons versus sellers.
A declining BBP suggests bearish dominance and potential worth drops. Nonetheless, on this case, the rising studying signifies that BONK bulls are gaining momentum, doubtlessly driving the worth increased.
If this pattern continues, BONK’s worth might climb to $0.000055. Conversely, if the meme coin turns into overbought, the uptrend would possibly stall, resulting in a possible pullback towards $0.000030.
Disclaimer
In keeping with the Belief Undertaking pointers, this worth 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 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.