BONK Hits New Highs: Market Cap Flips WIF Before Trillion-Token Burn

• BONK surpassed WIF in market capitalization, reaching $3.77 billion after a 28% price surge, signaling strong market momentum for the Solana-based meme coin.
• The announcement of a 1 trillion token burn and a rise in BONK’s social dominance are key factors driving its increasing visibility and investor interest, positioning it as a leading meme coin on Solana.

Bonk (BONK) has claimed the title of the most valuable Solana-based meme coin in an official manner, surpassing Dogwifhat (WIF) in market capitalization. This aligns with a recent CNF update highlighting that Bonk investors joined BONK’s rival after a 300% price surge.

As shown in the overall chart performance below, the climb to the top came after a 28% price surge, bringing BONK’s market cap to $3.77 billion, just ahead of WIF at $3.76 billion. BONK is currently trading at $0.00005158, having surged by 0.06% in the past day and 96.05% in the past week.

NEW: Solana memecoin $BONK surpasses $WIF in Market Cap. pic.twitter.com/JpZ2sDuW7W

— SolanaFloor (@SolanaFloor) November 17, 2024

DAO Burn Announcement Fuels Rally

A key catalyst behind BONK’s rise was the announcement by its Decentralized Autonomous Organization (DAO) of plans to burn 1 trillion tokens on December 25.

Token burns reduce the total supply in circulation, creating scarcity that can drive up prices. The burn announcement, coupled with BONK’s positive price action, sparked a wave of investor interest, further solidifying its position as a leading Solana meme coin.

Rising Social Dominance Signals Growing Interest

BONK’s social dominance has risen to 1.52%, highlighting its growing visibility and engagement within the crypto market. Social dominance measures an asset’s share of attention in market discussions, and BONK’s increase indicates heightened interest from investors and enthusiasts.

The BONK community remains optimistic about its long-term potential, seeing the growing social buzz as a sign of its evolving role within the Solana meme coin ecosystem. With rising attention and a series of impactful moves, BONK appears poised to maintain its momentum in the competitive crypto landscape.

Lastly, as BONK’s market cap and social buzz continue to rise, the community remains optimistic about its long-term potential amid heightened interest in the Solana meme coin ecosystem.