Bonk Surges to Overtake WIF as Solana’s Largest Meme Coin

The price of meme coin Bonk Inu (BONK) has surged, reaching a one-month high of $0.00002698. The meme coin’s price has risen 10% in sync with the market, making it the largest meme coin in the Solana ecosystem by market cap, surpassing Dogwifhat (WIF).

Bonk Inu Surpasses Competitors

Bonk Inu’s recent surge has given it a market cap of $1.735 billion, surpassing WIF’s $1.69 billion market cap, according to CoinGecko. This places BONK at 52nd among the largest cryptocurrencies on the market, behind only Optimism (OP) and Sui (SUI).

Token Burn Proposal

Bonk Inu’s recent price surge follows an announcement from its decentralized autonomous organization (DAO). BONK DAO revealed on Monday that it had received a proposal to burn approximately 84 billion BONK tokens from its treasury, which is equivalent to the amount of Q2 BONK sent to the DAO by BONKBot, and is currently being voted on by the community.

Burning tokens is a common practice used by crypto projects such as Shiba Inu to control inflation and overall token supply. By reducing the token supply, the aim is to increase the value of the remaining tokens and create a healthier ecosystem.

Burning tokens tends to support asset prices in the long run, which is a positive move and this could be one of the catalysts for the surge in the price of Bonk Inu tokens over the past week.

BONK is the most “obvious” coin to experience an uptick from its current position and other meme coins are expected to follow suit. While the coin is trading in a minor correction from $0.00002610, it is still expected to retest the next significant resistance level at $0.00002885. This level is crucial to the prospects of the meme coin regaining momentum and potentially revisiting its all-time high of $0.00004547 set in March.

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