Bonk (BONK) has officially become the most valuable Solana meme coin by market cap, surpassing Dogwifhat (WIF) earlier today. The milestone follows the recent announcement by BONK’s Decentralized Autonomous Organization (DAO), revealing plans to burn 1 trillion tokens on Christmas Day.
While this strategic move helped spur the change, BONK’s price surge also contributed significantly to its rise. But the question remains: can this meme coin hold onto its newfound position?
Bonk Surpasses Dogwifhat, Becomes Most Valuable Solana Meme Coin
Five days ago, BeInCrypto reported that BONK was the only Solana meme coin to post positive returns in the top 100. While it wasn’t the only one in the past 24 hours, it posted the highest gain — up 28%.
This price increase ensured that Bonk's market capitalization shifted to WIF. At the time of writing, Bonk's market capitalization was $3.77 billion, while WIF's was $3.76 billion.
According to our findings, BONK DAO's announcement on November 15 that it planned to buy 1 trillion tokens on December 25 contributed to the price increase. Normally, sending tokens to a burn address removes them from circulation, effectively locking them and making them untradeable.
Bonk market capitalization. Source: Santiment
This process reduces the overall supply, which can increase the scarcity of the remaining tokens in circulation, potentially pushing their prices up.
Amid this growth, Bonk’s social dominance has increased to 1.52%. Social dominance measures how much attention a cryptocurrency receives compared to others. A high score signals strong community visibility, reflecting higher interest and participation in the market.
On the other hand, low social dominance indicates that there is less discussion about the cryptocurrency. Generally, low social dominance is bearish. Therefore, the increase in meme coin social dominance suggests that the market capitalization and price of the Solana meme coin may continue to increase.
Bonk dominates society. Source: Santiment
BONK Price Prediction: The Uptrend Is Not Over Yet
BON's price is currently hovering around $0.000050, supported by strong buying pressure. The daily chart shows a significant increase in the Bull Bear Power (BBP) indicator, which measures the strength of buyers over sellers.
A falling BBP indicates bearish dominance and a potential decline. However, in this case, the rising reading suggests that BONK bulls are gaining momentum, potentially pushing the price higher.
Bonk Daily Analysis. Source: TradingView
If this trend continues, the price of BONK could rise to $0.000055. Conversely, if the meme coin becomes overbought, the uptrend could stall, leading to a potential pullback to $0.000030.