🐕 BONK: A meme coin challenging market leaders
At the beginning of the week, BONK soared 16% in one day and reached record levels.
Why is BONK trending right now?
🟡 Record trading volumes: Over the last 24 hours, BONK trading volume on Coinbase reached $384 million, surpassing DOGE, SHIB, and PEPE.
🟡 Breakout on the charts: BONK has emerged from the consolidation phase and bounced off a triple bottom, indicating a bullish trend.
🟡 Undervaluation: With a market cap of $3.6 billion, BONK looks more attractive than DOGE ($90 billion at peak) and SHIB ($43 billion).
🟡 Deflationary measures: the token's DAO aims to burn 1 trillion tokens by December, creating scarcity and increasing value.
💬 Market movement and traders' opinions
BONK emerged in December 2022 in response to the FTX collapse and became part of the Solana ecosystem.
Traders note that the token is currently in a 'risk-on' stage — high activity in the meme coin market.
🟡 @iamkadense: "The market has switched to risk. $BONK — this is a bet on further growth of Solana. We've already seen market leaders (DOGE, SHIB) reach incredible peaks, and BONK has every chance."
🟡BONK is currently undervalued. With a market cap of $3.6 billion, it has huge potential, considering the past peaks of DOGE and SHIB.
🔥 Token burning: how does it work?
BONK's deflationary actions attract attention:
Recently, 100 billion tokens were burned, and another 1 trillion is planned to be removed from circulation by December.
🟡 Burning is conducted through popular Solana applications, including staking on Dragontail and transactions in LiveBonk.
Token burning is the process of sending them to a non-recoverable address, permanently reducing the total supply.
What's next?
BONK is already in a key position among meme coins, but its journey is just beginning.
The Solana ecosystem, active community, and token scarcity create ideal conditions for further growth.
