BONK Overtakes WIF, Becomes Solana’s Leading Meme Coin
Bonk (BONK), a popular Solana-based meme token, is making headlines in the cryptocurrency world with its impressive price performance after making a splashy announcement. On November 17, 2024, Bonk’s Decentralized Autonomous Organization (DAO) announced that it would destroy nearly 1 trillion tokens on December 25, 2024.
BONK’s market capitalization exceeds that of WIF
Following this strategic announcement, BONK surged by more than 11% in the past 24 hours, surpassing Solana’s largest meme coin Dogwifhat (WIF) to become SOL’s leading meme coin. With prices rising significantly, Bunker’s The market capitalization has surpassed that of WIF, reaching $3.94 billion, while WIF’s market capitalization is $3.6 billion.
Trading volume and market reaction
Now, Bunker It was trading near $0.0000513 and recently reached an all-time high of $0.0000566. During the same period, its trading volume increased by 73%, indicating increased trader participation following the token burn announcement.
Furthermore, BONK has gained more than 105% in the past few days, while WIF has gained more than 35% in the same period.
WIF appears to be in trouble, rising just 0.65% in the past 24 hours, according to CoinMarketCap. Additionally, other meme coins seemed to be in trouble during the same period.
Rising social attention
In the cryptocurrency industry, token burn announcements are generally viewed as a positive sign as it reduces the overall circulating supply, potentially triggering an increase in the token price.
However, the announcement attracted a lot of attention from the crypto community. According to on-chain analytics firm Santiment, BONK’s social dominance has risen to 1.61%, indicating strong interest and engagement among cryptocurrency enthusiasts in the market.
