Is a 30% Rally on the Horizon? | Airdrop Alert Pro

BONK is one of Solana’s popular meme tokens. Traded at $0.000031near a one-month low. This marks a significant decline from the November 22 peak of $0.000053. Open interest in BONK also fell to $8.32 million, its lowest level in three months, as traders turned their attention to other assets. Despite these setbacks, BONK remains a low-cost token with a strong community looking to regain its status Number 1 in the Meme Token Market.

Massive token burning to revive interest

To increase its value, Bonk DAO burned 1.69 trillion tokens, reducing the total supply from 100 trillion to 91 trillion. The burn, worth over $52 million, was approved by 99% of the community and completed in a single Solana transaction. The burn is part of BONK’s second anniversary celebration and is designed to reduce supply and increase the token’s value.

The token burn event took place between November 15 and December 25, involving the community through social media activity and collaboration with ecosystem partners. The Bonk DAO wallet still holds 9% of the total supply, making it the largest holder, even surpassing Binance. Additionally, 4.8% of the supply is locked in the staking pool, further limiting the number of tokens in circulation.

Challenges and competition

Despite the mass destruction of tokens, the price of BONK did not rise significantly. Newer Solana meme tokens such as Pengu by Chunky Penguin and DogWifHat (WIF) is growing in popularity. PENGU has a market value of US$2.4 billion, surpassing BONK to become the leader Solana Meme Token. However, BONK remains optimistic about its future, relying on its strong community, broad presence across the 11-store chain and listings on major exchanges.

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Current market sentiment

Market sentiment on BONK is currently neutral, with the Fear & Greed Index showing “greedy,” indicating growing trader interest. The coin’s price is trading between key support levels at $0.000031, $0.000029, and $0.000028 and resistance levels at $0.000033, $0.000034, and $0.000036. Analysts predict prices could rise 30.39% over the next five days, raising hopes for a rebound.

BONK is a surprising element in the current market as investors turn their attention to low market cap tokens for profit.