Market Cap BONK Overtakes WIF Ahead of the 1 Trillion Token Burn Event on Christmas Day
Bonk ($BONK ) is officially the Solana meme coin with the highest market capitalization (market cap), surpassing dogwifhat ($WIF ) yesterday (17/11). This historic milestone occurred following an announcement from the Decentralized Autonomous Organization (DAO) BONK which revealed plans to carry out a burn of 1 trillion tokens on Christmas Day.
This price spike solidifies BONK's market capitalization to surpass WIF. At the time of publication, BONK's market capitalization reached US$3.77 billion, while WIF was at US$3.76 billion.
According to our findings, BONK DAO's announcement on November 15 regarding plans to purchase 1 trillion tokens before December 25 helped support this surge. In general, sending tokens to a burn address will remove them from circulation, permanently locking them so they can no longer be traded.
BONK Price Prediction: Uptrend Not Over Yet
The BONK price is currently hovering around US$0.000050, supported by strong buying pressure. The daily chart shows a significant spike in the Bull Bear Power (BBP) indicator. BBP plays a role in measuring the power of buyers versus sellers.
If this trend continues, it is not impossible for BONK prices to soar to the level of US$0.000055. On the other hand, if this meme coin falls into the overbought zone, aka overbought, the upward trend is in danger of stopping. Ultimately, such conditions could lead to a potential drop to the level of US$0.000030.