Dog-themed meme coin Bonk has been soaring up the cryptocurrency market charts, gaining over 80% over the past week. The token recently surpassed Dogwifhat (WIF) to become the highest ranked meme coin on Solana by market valuation. Additionally, BONK leads Solana meme trading volume with $2 billion in trading volume.
Some experts are jumping on the bandwagon of BONK, whose market cap has also been climbing over the past seven days. Despite the cryptocurrency’s declining trading volume today, analysts remain very bullish on BONK’s further gains. In fact, one trader compared BONK’s recent gains to another top dog-themed meme coin: Shiba Inu (SHIB).
In fact, BONK token trader Unipcs is comparing BONK’s current pattern to SHIB’s setup before its 2021 rally. They believe that BONK could be on a similar rally trajectory in the near future. Unipcs noted that BONK shares many key factors with SHIB. The most critical of these are unit appetite, debut on a major retail exchange, and completion of an initial rally after heavy holders exited. Traders believe that these factors pave the way for a significant rally soon.
Additionally, Unipics highlighted BONK’s status as a dog-themed meme coin and compared it to other top cryptocurrencies SHIB and Dogecoin. The trader linked BONK to the success of DOGE and SHIB, the only two meme coins with a market cap of over $40 billion. The trader did not directly say that BONK will reach a market cap of $40 billion. However, former dog-themed cryptocurrency traders may see BONK as their next target.
Trading application BONKBot reported that 1.5 billion BONK tokens were destroyed in the past 24 hours. This brings the total destroyed to 502.9 billion tokens, worth about $19 million. Trader Kadense also highlighted that 7.7 trillion BONK tokens have been destroyed so far, and another 1 trillion are expected to be destroyed by Christmas. The continued destruction will also serve as a catalyst for the token's continued growth, pushing it further into becoming a major player in the meme token.
